Bitcoin (BTC) fell to a two-week low on March 23 due to fears that bulls will run out of appetite.
BTC goes back to $ 53,000
Data from Cointelegraph Markets Pro and Tradingview showed that BTC / USD reached its local low of $ 53125 overnight on Bitstamp.
The latest success of the up-2021 potential this month was Tuesday’s fall, which ruled out a $ 50,000 validation, as buyer support on the stock market looked increasingly shaky.
Data from Binance’s order book confirmed support of $ 53,000, but in the event of a crash, only the final order of $ 46,000 will be left to stop the correction.
Crypto trader Ed summed up: “Predict past downturns in BTC before we see a big bounce,” and predicted an upcoming move below $ 53,000.
“This bullish race is not over yet. I’m ready to buy wrong, ”said Ki Yong Joo, CEO of CryptoQuant Network Analytics, adding a more optimistic tone.
But I will patiently wait for the supply and demand indicators to appear in the All In series.
Key pointed to increasing selling pressure on the spot exchanges while dampening the trend, but this reflected the broader sentiment of today’s traders, who largely classified the recent price movement as a record consolidation step rather than a surrender.
To their advantage was the behavior of manipulators, who have drawn more BTC from stock exchanges in recent days than at any other time in the last six weeks.
Settlement in 24 hours around 2 billion dollars
However, as the Cointelegraph reports, other indicators in the chain indicate that Bitcoin may go through at least half of its recent bullish wave with only the top of the formation remaining.
Meanwhile, not all traders were prepared for the night’s turnaround, as evidenced by the $ 1.38 billion dollar long positions that were wound up in the last 24 hours from a total of $ 1.7 billion.
2021 has become a notorious year for those who invest in price movements in cryptocurrency, and specially delivered traders contribute an enormous amount of liquidity, according to data from Bybt.