Bitcoin (BTC) experienced a dip in price before the Wall Street open on March 15, but traders remained unfazed by the temporary setback in the bull market.
BTC/USD 12-hour chart. Source: TradingView
Data from Cointelegraph Markets Pro and TradingView showed that BTC reached a low of $65,569 on Bitstamp. After reaching new all-time highs the previous day, momentum waned as support levels faced their first major test. At the time of writing, Bitcoin’s previous record high of $69,000 from 2021 was not enough to support the market.
Market observers reacted calmly to the dip, noting that corrective moves are common during bull runs. On-Chain College, a popular commentator, stated on X (formerly Twitter), “Bitcoin’s price retracing -10% on this move when greater than -30% corrections are normal during bull runs.”
Discussing the potential lower limit of the market, popular trader Credible Crypto pointed out a block of bid liquidity around $64,000 and noted that open interest (OI) had already significantly decreased during the drawdown. He concluded, “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.”
Jelle, another optimistic trader, compared the current correction to historical norms and told X subscribers, “So far this cycle, the average major Bitcoin pullback is about 20%,” alongside an explanatory chart.
In a subsequent post, Jelle admitted that the latest BTC price action caught him by surprise but remained unworried, stating that he expected higher prices in the coming months.
As reported by Cointelegraph, liquidations of leveraged long positions increased significantly on the day. According to on-chain monitoring resource CoinGlass, combined BTC liquidations totaled nearly $300 million in the 24 hours leading up to the time of writing.
Meanwhile, popular trader Skew revealed that few market participants were interested in short positions, with spot selling leading to a further decline in Bitcoin futures.
Please note that this article does not provide investment advice or recommendations. Readers should conduct their own research before making any investment or trading decisions.