Bitcoin (BTC) sank past weekly lows before the March 15 Wall Street open as traders remained unfazed on the bull market.
Analysis on BTC price dip: "Nothing to see here"
Data from Cointelegraph Markets Pro and TradingView showed BTC price downside reaching $65,569 on Bitstamp.
After hitting fresh all-time highs the day prior, momentum faded before support levels began seeing their first major retest. At the time of writing, Bitcoin’s old record high of $69,000 from 2021 was failing to buoy the market.
Reacting, market observers appeared calm. Bitcoin bull markets, they reasoned, usually involved corrective moves as part of a broader uptrend.
“Bitcoin’s price retracing -10% on this move when greater than -30% corrections are normal during bull runs,” popular commentator On-Chain College wrote on X (formerly Twitter).
“This drop is after a strong move to all-time highs with >95% of the supply sitting in unrealized profit. Nothing to see here, very normal bull market behavior.”
Discussing how low the market might go, popular trader Credible Crypto flagged a block of bid liquidity focused around $64,000. Open interest (OI), he added, had already decreased significantly on the drawdown.
“This would be a logical place to expect a bounce/reversal if we get it along with a wipe of the remaining built up OI,” part of the day’s X posts concluded.
Continuing, equally optimistic trader Jelle compared the current correction to historical norms.
“So far this cycle, the average major Bitcoin pullback is about 20%,” he told X subscribers alongside an explanatory chart.
“If we're getting a similarly-sized pullback here -- it would put us at $58,000. Not saying it happens, but it's probably wise to make sure you survive if it does.”
In a further post, Jelle nonetheless acknowledged that the latest BTC price action had taken him by surprise.
“I did not see this pullback coming, but I'm not worried,” he summarized, adding that he was “expecting much higher prices in the coming months.”
Traders timid on short BTC bet
As Cointelegraph reported, liquidations ramped up considerably on the day as leveraged long positions unwound.
Related: Bitcoin has 6 months until ETF ‘liquidity crisis’ — New analysis
According to the latest data from on-chain monitoring resource CoinGlass, combined BTC liquidations stood at nearly $300 million for the 24 hours to the time of writing.
In ongoing market coverage, meanwhile, popular trader Skew revealed that few market participants were in the mood to take short positions.
“Spot selling still leading price lower & more longs taken out here,” he wrote about Bitcoin futures.
“Perp premium back to a mere $20-$30, lower would be better with spot bid. Not seeing much panic shorting yet, mostly hedges taking profit which leads to bounces.”
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
