Bitcoin traders are closely monitoring the $60,000 support level as a significant futures gap emerges, signaling potential price movements in the cryptocurrency market.
Despite Bitcoin experiencing its lowest levels since March 6 in a sharp weekend sell-off, bullish sentiment persists among traders.
BTC plummeted towards $60,000 on March 17 amid sustained selling pressure over the weekend.
Data indicates that BTC hit fresh lows of $64,522 on Bitstamp, following a series of lower lows and failed rebounds post reaching new all-time highs earlier in the week.
Spot selling has been a consistent factor, particularly from major exchanges like Coinbase and Binance, with continuous offloading since hitting $74,000.
However, some market players have been engaging in significant dollar-cost averaging (DCA) at these lower levels, contributing to short-term rebounds.
Despite the recent correction of around 12%, market observers remain optimistic, citing the ongoing buying from US spot Bitcoin exchange-traded funds (ETFs) set to resume on March 18.
Thomas Fahrer, CEO of crypto-focused reviews portal Apollo, emphasized the potential impact of institutional wealth allocation to BTC, suggesting a bullish outlook in the coming months.
Meanwhile, attention is also on the widening gap in CME Group’s Bitcoin futures market, which closed on March 15 at $69,135. This disparity between futures and spot prices could prompt a market response, historically leading to relief rallies.
As the weekly close approaches, traders are hopeful for a potential early-week comeback, with the futures gap offering a possible catalyst for price recovery.
