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Bitcoin May Drop Below $53K Before Bulls Regain Control, Says Trader

Bitcoin (BTC) price dropped to a two-week low on March 23 amid fears that bulls were losing their appetite to buy.

According to data from Tradingview, the BTC/USD pair fell to $53,125 last night. With the drop on Tuesday, Bitcoin came closer to testing $50,000 as buyer support seems to be gradually weakening.

Binance’s order book confirms support at $53,000, but should this level fail, a definite demand at $46,000 could prevent the downtrend.

Forecasting an upcoming move below $53,000, trader Crypto Ed said:

“This bull market is not over yet,” said Ki Young Ju, CEO of on-chain analytics resource CryptoQuant. I am ready to buy the dip.” He added:

But I’ll wait until the on-chain supply/demand indicators tell me to enter.

The CEO said that high selling pressure in spot exchanges prevented the price of Bitcoin from rising, but that investors saw the recent price action as a standard consolidation rather than capitulation.

Notably, the number of bitcoins withdrawn from exchanges in recent days has risen to the highest level in the past six weeks.

BTC and Tether (USDT) reserves and BTC/USD pair of the exchanges. Source: Santiment / Twitter

$1.38 billion liquidated

Moreover, on-chain metrics show that Bitcoin may have completed at least half of the latest bull run.

Bybt BTC liquidations chart.

Not all investors were ready for the decline experienced last night. In the futures market, $1.38 billion of the $1.7 billion long positions in the last 24 hours was liquidated.

According to the data from Bybt, 2021 has become the year for those betting on crypto price forecast, with leveraged traders, especially, liquidating a huge amount.

If you have any questions and comments on Bitcoin today, use the form below to reply.

© MarkStevenson for Commodity News, 2021. | Permalink | No comment |
Published under: Bitcoin, Forecasts

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