Crypto News – Bitcoin moved towards $60,000 on March 17, with sales continuing until the end of the week.
Bitcoin Investors Are Eyeing $60K Price Support, So Will This Decline Continue?
On Bitstamp, fresh Bitcoin price lows of $64,522 were revealed by data from TradingView. With a string of lower lows and unsuccessful rebounds following the week’s new all-time highs, Bitcoin was under intense sell-side pressure. Offloading was picking up momentum throughout the day, reaching the eagerly awaited weekly candle close well in advance.
Famed trader Skew examined the issue and identified areas of interest for bidders on key exchanges. Between $60,000 and $64,000 was the target range for them.
Majority of the selling has been driven by takers (market selling). Constant spot selling since $74K especially from coinbase & binance.
Skew
Skew Says Some Organizations Benefit from DCA
According to Skew, some organizations were contributing to the low-timeframe bounces by doing extensive dollar cost averaging (DCA) at the lows. Thus, the most recent bull market downturn for bitcoin was about 12%. Prior cycles witnessed more deeper pullbacks while maintaining the overall uptrend, as Cointelegraph observed. Thus, bullish market watchers continued to express optimism, citing the continuous purchase of US spot Bitcoin ETFs, which is scheduled to begin on March 18.
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