Opening of ‘huge’ futures gap prompts Bitcoin traders to closely monitor $60K BTC price support.

Bitcoin (BTC) made a volatile move towards $60,000 on March 17 as selling pressure persisted over the weekend. Data from Cointelegraph Markets Pro and TradingView showed that BTC hit new lows of $64,522 on Bitstamp. Despite reaching new all-time highs earlier in the week, Bitcoin faced significant selling pressure and experienced a series of lower lows. The offloading continued to accelerate, even before the highly-anticipated weekly candle close. Popular trader Skew identified areas of interest for buyers on major exchanges, ranging from $60,000 to $64,000. The majority of the selling was driven by market selling, while some entities engaged in large dollar-cost averaging (DCA) at the lows, leading to short-term bounces. This correction marked a 12% decrease in Bitcoin’s latest bull market, which is relatively mild compared to previous cycles. Market observers remained optimistic, citing the ongoing buying from US spot Bitcoin exchange-traded funds (ETFs) that would resume on March 18. There were rumors of fresh institutional wealth allocation to BTC potentially arriving in the coming months. As the weekly close approached, some analysts anticipated a potential comeback early in the week. They also pointed to the gap in CME Group’s Bitcoin futures market, which had widened during the weekend’s drawdown. Historical precedent suggests that this gap between the futures market and spot price could provide relief and a potential impetus for a price rebound. This article does not provide investment advice and readers should conduct their own research before making any decisions.