BitcoinBTC priceCointelegraph.comliquidation

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

A night of losses pressures bulls as liquidations mount up and $46,000 support looms large.
Bitcoin (BTC) dropped to its lowest in two weeks on March 23 amid fears that bulls were running out of appetite to buy.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingviewBTC price bounces at $53,000Data from Cointelegraph Markets Pro and Tradingview showed BTC/USD hitting local lows of $53,125 on Bitstamp overnight.The latest hit to the 2021 bull run this month, Tuesday’s dip brought the prospect of a $50,000 test ever closer, with buyer support on exchanges looking increasingly shaky.Data from Binance’s orderbook confirmed support at $53,000, but should this crumble, only definitive demand at $46,000 remains to halt the retracement.“Expecting the previous lows in BTC to be taken out before we can see a significant bounce,” trader Crypto Ed summarized, forecasting an upcoming move below $53,000.“This bull-run isn’t over yet. I’m ready to buy the dip,” Ki Young Ju, CEO of on-chain analytics service CryptoQuant, argued, striking a more upbeat tone.“But I’ll patiently wait till on-chain supply/demand indicators say ‘all-in.’” Ki referred to high selling pressure on spot exchanges keeping upside in check, but was representative of the broader mood among traders on the day, who overwhelmingly classed recent price action as a standard consolidatory move rather than capitulation.In their favor was hodler behavior, which saw more BTC taken off exchanges in recent days than at any point in the past six weeks. BTC and Tether (USDT) exchange supply changes vs. BTC/USD. …
Story continues on Cointelegraph

Related posts
Basic Attention TokenBinanceCointelegraph.comCryptocurrencies

Brave browser to integrate dedicated Binance Smart Chain defi wallet

A preconfigured Binance Smart Chain wallet will soon be added to the Brave browser. The privacy-centric web browser Brave will soon integrate a dedicated Binance Smart Chain wallet, according to a recent announcement, opening up the browser’s users to BSC’s…
Bitcoinbitcoin adoptionBTCcryptocurrencyTurkey

Turkish Residents Seek Bitcoin Following Lira’s 15% Drop

Google search for Bitcoin in Turkey peaked following the crash of the Turkish lira. The drop in the lira’s value came after the President of Turkey sacked the country’s central bank abruptly governor. Bitcoin Search Surge Amid Lira’s Decline Turkish…
Cointelegraph.comCryptocurrenciesgoldGovernmentIndiaInvestmentslawReserve Bank of India

Amid ban rumors, billionaire Nandan Nilekani says crypto can help Indians

Co-founder of major Indian tech company Infosys Nandan Nilekani has urged the government to help MSMEs access capital using Bitcoin. Prominent Indian entrepreneur and government advisor Nandan Nilekani has spoken in favor of cryptocurrencies as the government reportedly mulls a…