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Bitcoin may ‘take out’ previous $53K lows before bulls regain control, says trader

Bitcoin may ‘take out’ previous $53K lows before bulls regain control, says trader

Bitcoin (BTC) fell on the 23rd. March reached a two-week low due to fears that bulls have no desire to buy.

1-hour candlestick chart of BTC/USD (Bitstamp). Source: View of the shop

Bitcoin may ‘take out’ previous $53K lows before bulls regain control, says trader

BTC price increased to $53,000

Data from Cointelegraph Markets Pro and Tradingview showed that BTC/USD hit a local low of $53.125 overnight on Bitstamp.

The latest pullback in the 2021 uptrend has brought the prospect of a test of the $50,000 level closer, with market buying support looking increasingly fragile.

Binance order book data confirmed support at $53,000. However, in the event of such a collapse, only a final claim of $46,000 would remain.

Expecting BTC’s previous lows to be broken before we see a significant rebound, Crypto Ed’s trader summed up and predicted an imminent move below $53,000.

This race isn’t over yet. I’m ready to buy the sauce, Ki Young Ju, CEO of online analytics service CryptoQuant, strikes a more optimistic tone.

But I will wait patiently for the supply and demand indicators in the chain to say that everything is fine.

Kee mentioned the strong selling pressure in the cash markets, which persisted, but was representative of the general trader sentiment on the day, most of whom labeled the recent price action as a standard consolidation move rather than a capitulation.

Hodler’s behavior is working in their favor: he has taken more BTC off the exchanges in the last few days than at any other time in the last six weeks.

Evolution of the exchange rate of BTC and Tether (USDT) versus BTC/USD Source: Feelings/Twitter

Bitcoin may ‘take out’ previous $53K lows before bulls regain control, says trader

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Liquidation in 24 hours of approximately $2 billion

However, according to Cointelegraph, other indicators on the blockchain suggest that bitcoin may be at least halfway through its recent rise, with only the top end of the formation remaining.

Bitcoin Liquidation Chart. Source: Bybt

Bitcoin may ‘take out’ previous $53K lows before bulls regain control, says trader

At the same time, not all traders were prepared for the magnitude of the overnight decline, which resulted in $1.38 billion in cash losses over the past 24 hours.

The year 2021 is notorious for those betting on the direction of cryptocurrency prices, with leveraged traders in particular contributing heavily to liquidity, data from Bybt confirms.

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