Bitcoin Traders Watch as $60K Price Support Explores a ‘Huge’ Futures Gap

Bitcoin (BTC) experienced a decline in price on March 17, coming close to reaching $60,000 as selling pressure persisted throughout the weekend. Data from Markets Pro and TradingView showed that the price hit new lows of $64,522 on Bitstamp. Despite reaching all-time highs earlier in the week, Bitcoin faced considerable selling pressure, resulting in a series of lower lows and failed rebounds. The selling continued to accelerate before the expected weekly candle close. Popular trader Skew outlined areas of interest for buyers on major exchanges, focusing on the $60,000 to $64,000 range.

Skew stated that most of the selling pressure was driven by market selling and constant spot selling since the price was at $74,000, particularly from Coinbase and Binance. Some entities engaged in large-scale dollar cost averaging (DCA) at the price lows, which supported short-term bounces. This correction marked a 12% decrease in Bitcoin’s latest bull market.

Despite the decline, optimistic market observers remained positive. They mentioned the ongoing buying from United States spot Bitcoin exchange-traded funds (ETFs), which were set to resume on March 18. Thomas Fahrer, CEO of Apollo, a crypto-focused reviews portal, commented that this was likely a bear trap, and real money from advisers who haven’t started allocating funds yet could potentially drive Bitcoin’s price much higher.

Speculations of a fresh institutional wealth allocation to BTC arriving in the next few months further supported this positive outlook. Others pointed to the potential for a comeback early in the following week. The widening gap in CME Group’s Bitcoin futures market, which occurred during the weekend’s price decline, could serve as a catalyst for relief, considering past market trends. CME futures closed on March 15 at $69,135, creating a gap between that price and the spot price.

Bitcoin experienced a decline in price, reaching new lows, due to persistent selling pressure. Some market participants remained optimistic, citing the resumption of buying from US spot Bitcoin ETFs and the potential influx of institutional funds. The widening gap in CME Group’s Bitcoin futures market could contribute to a potential recovery in the following week.