{"id":598419,"date":"2024-03-18T09:49:46","date_gmt":"2024-03-18T09:49:46","guid":{"rendered":"https:\/\/shenyangcang.com\/?p=598419"},"modified":"2024-03-18T09:49:46","modified_gmt":"2024-03-18T09:49:46","slug":"bitcoin-threatens-to-retreat-to-60000-as-bulls-seek-solid-ground","status":"publish","type":"post","link":"https:\/\/shenyangcang.com\/news\/bitcoin-threatens-to-retreat-to-60000-as-bulls-seek-solid-ground\/","title":{"rendered":"Bitcoin Threatens To Retreat To $60,000 As Bulls Seek Solid Ground"},"content":{"rendered":"

After a spectacular ascent to record highs, Bitcoin (BTC) is facing a reality check. The past week has seen a dramatic price correction, leaving investors wondering if this is a temporary setback or a sign of a more bearish future.<\/p>\n

The world’s most popular cryptocurrency reached an intraday low of $64,620<\/a>\u00a0on March 17th, a significant drop from its recent peak above $73,000. This pullback has triggered a wave of pessimism, with analysts pointing to declining profitability and a drop in daily active addresses on the network.<\/p>\n

\"\"Bitcoin down in the last week. Source: Coingecko<\/a><\/pre>\n
A Bearish Shadow Looms<\/strong><\/h2>\n
According to analysts, investor sentiment has been hurt by a series of descending peaks and failed upturns, while selling pressure remains rampant as we approach the “weekly candle close.” This sentiment is echoed by data from IntoTheBlock, which shows a sharp decline in the number of addresses “In the Money,” signifying a decrease in overall profitability within the Bitcoin network.<\/p>\n
\"\"Source: IntoTheBlock<\/pre>\n
Finding Support: A Beacon of Hope?<\/strong><\/h2>\n
However, not everyone is hitting the panic button. Technical analysis suggests a potential support zone for buyers between $60,000 and $67,000. Popular trader Skew highlights this area as a possible turning point, while also acknowledging significant spot selling from major exchanges like Coinbase and Binance.<\/p>\n
\n
$BTC<\/a> Spot Market Data Thread, in partnership @_WOO_X<\/a> $BTC<\/a> Binance Spot
\nWeekend spot buyer here<\/p>\n
Spot Supply ($72K – $74K)
\nSpot Demand ($60K)<\/p>\n
Interestingly last bounce which was sold into also resulted in a stack of limit bids being quoted lower.
\n~ Keep an eye on those bids\u2026 pic.twitter.com\/3PKHyddNlv<\/a><\/p>\n
\u2014 Skew \u0394 (@52kskew) March 17, 2024<\/a><\/p><\/blockquote>\n
Bulls On The Horizon: Are The Giants Awakening?<\/strong><\/h3>\n
While the immediate future appears uncertain, some analysts remain bullish on Bitcoin’s long-term prospects. They view the current correction as a natural and healthy part of any bull run, pointing to historical data where similar pullbacks paved the way for further growth.<\/p>\n
Related Reading: Bitcoin Crashes: Dip To $65,000 Triggers Over $400 Million Liquidation Avalanche<\/a><\/p>\n
Adding fuel to the fire of optimism is the potential return of institutional capital. The recent resumption of buying from US Bitcoin ETFs and the prospect of a significant influx of funds from hedge funds and investment advisors in the coming months are seen as potential catalysts for a rebound.<\/p>\n
<\/div>\n
BTCUSD trading at $68,087 on the weekly chart: TradingView.com<\/a><\/pre>\n
Thomas Fahrer, CEO of Apollo, a decentralized online cryptocurrency platform renowned for its comprehensive crypto reviews and analysis of ETF inflows, echoes sentiments regarding X.<\/p>\n
Fahrer characterizes the current state as a “Bear Trap” and pinpoints the resumption of buying from US Bitcoin ETFs on March 18 as a potential catalyst for an upward surge in X’s value.<\/p>\n
Related Reading: Forget Dogecoin, Shiba Inu Set To Become The Top Dog: Expert Predicts $100 Billion Market Cap<\/a><\/p>\n
Emphasizing the significance of increased institutional acceptance, Fahrer anticipates a surge in liquidity within Bitcoin ETFs, suggesting that substantial capital inflows from institutional investors have yet to materialize.<\/p>\n
The Verdict: Brace For A Volatile Week<\/strong><\/h3>\n
This week will be crucial for Bitcoin. The coming days will be a test of the cryptocurrency’s resilience and its ability to overcome the current selling pressure. If bulls can regain control and positive sentiment prevails, a return to record highs remains a possibility. However, if the downtrend continues, Bitcoin could face a more extended period of correction.<\/p>\n
Featured image from Pexels, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
After a spectacular ascent to record highs, Bitcoin (BTC) is facing a reality check. The past week has seen a dramatic price correction, leaving investors wondering if this is a temporary setback or a sign of a more bearish future. The world’s most popular cryptocurrency reached an intraday low of $64,620\u00a0on March 17th, a significant drop from its recent peak above $73,000. This pullback has triggered a wave of pessimism, with analysts pointing to declining profitability and a drop in daily active addresses on the network. Bitcoin down in the last week. Source: Coingecko A Bearish Shadow Looms According to analysts, investor sentiment has been hurt by a series of descending peaks and failed upturns, while selling pressure remains rampant as we approach the “weekly candle close.” This sentiment is echoed by data from IntoTheBlock, which shows a sharp decline in the number of addresses “In the Money,” signifying a decrease in overall profitability within the Bitcoin network. Source: IntoTheBlock Finding Support: A Beacon of Hope? However, not everyone is hitting the panic button. Technical analysis suggests a potential support zone for buyers between $60,000 and $67,000. Popular trader Skew highlights this area as a possible turning point, while also acknowledging significant spot selling from major exchanges like Coinbase and Binance. $BTC Spot Market Data Thread, in partnership @_WOO_X $BTC Binance Spot Weekend spot buyer here Spot Supply ($72K – $74K) Spot Demand ($60K) Interestingly last bounce which was sold into also resulted in a stack of limit bids being quoted lower. ~ Keep an eye on those bids\u2026 pic.twitter.com\/3PKHyddNlv \u2014 Skew \u0394 (@52kskew) March 17, 2024 Bulls On The Horizon: Are The Giants Awakening? While the immediate future appears uncertain, some analysts remain bullish on Bitcoin’s long-term prospects. They view the current correction as a natural and healthy part of any bull run, pointing to historical data where similar pullbacks paved the way for further growth. Related Reading: Bitcoin Crashes: Dip To $65,000 Triggers Over $400 Million Liquidation Avalanche Adding fuel to the fire of optimism is the potential return of institutional capital. The recent resumption of buying from US Bitcoin ETFs and the prospect of a significant influx of funds from hedge funds and investment advisors in the coming months are seen as potential catalysts for a rebound. BTCUSD trading at $68,087 on the weekly chart: TradingView.com Thomas Fahrer, CEO of Apollo, a decentralized online cryptocurrency platform renowned for its comprehensive crypto reviews and analysis of ETF inflows, echoes sentiments regarding X. Fahrer characterizes the current state as a “Bear Trap” and pinpoints the resumption of buying from US Bitcoin ETFs on March 18 as a potential catalyst for an upward surge in X’s value. Related Reading: Forget Dogecoin, Shiba Inu Set To Become The Top Dog: Expert Predicts $100 Billion Market Cap Emphasizing the significance of increased institutional acceptance, Fahrer anticipates a surge in liquidity within Bitcoin ETFs, suggesting that substantial capital inflows from institutional investors have yet to materialize. The Verdict: Brace For A Volatile Week This week will be crucial for Bitcoin. The coming days will be a test of the cryptocurrency’s resilience and its ability to overcome the current selling pressure. If bulls can regain control and positive sentiment prevails, a return to record highs remains a possibility. However, if the downtrend continues, Bitcoin could face a more extended period of correction. Featured image from Pexels, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":598426,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[142,428,1119,1144,1157,6664],"class_list":["post-598419","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-altcoins","tag-bitcoin","tag-btc","tag-btcusd","tag-bulls","tag-crypto"],"acf":[],"yoast_head":"\nBitcoin Threatens To Retreat To $60,000<\/title>\n<meta name=\"description\" content=\"After a spectacular ascent to record highs, Bitcoin (BTC) is facing a reality check. 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/shenyangcang.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Threatens To Retreat To $60,000 As Bulls Seek Solid Ground","url":"http:\/\/shenyangcang.com\/news\/bitcoin-threatens-to-retreat-to-60000-as-bulls-seek-solid-ground\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/shenyangcang.com\/news\/bitcoin-threatens-to-retreat-to-60000-as-bulls-seek-solid-ground\/"},"thumbnailUrl":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/03\/a_272627.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/03\/a_272627.png?fit=1027%2C679"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["altcoins","bitcoin","btc","btcusd","bulls","crypto"],"dateCreated":"2024-03-18T09:49:46Z","datePublished":"2024-03-18T09:49:46Z","dateModified":"2024-03-18T09:49:46Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Threatens To Retreat To $60,000 As Bulls Seek Solid Ground\",\"url\":\"http:\\\/\\\/shenyangcang.com\\\/news\\\/bitcoin-threatens-to-retreat-to-60000-as-bulls-seek-solid-ground\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/shenyangcang.com\\\/news\\\/bitcoin-threatens-to-retreat-to-60000-as-bulls-seek-solid-ground\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2024\\\/03\\\/a_272627.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2024\\\/03\\\/a_272627.png?fit=1027%2C679\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"altcoins\",\"bitcoin\",\"btc\",\"btcusd\",\"bulls\",\"crypto\"],\"dateCreated\":\"2024-03-18T09:49:46Z\",\"datePublished\":\"2024-03-18T09:49:46Z\",\"dateModified\":\"2024-03-18T09:49:46Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/shenyangcang.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/03\/a_272627.png?fit=1027%2C679","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts\/598419"}],"collection":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/comments?post=598419"}],"version-history":[{"count":0,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts\/598419\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/media\/598426"}],"wp:attachment":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/media?parent=598419"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/categories?post=598419"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/tags?post=598419"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}