Bitcoin Shorts Absent During Sub-$66K Price Dip

Bitcoin (BTC) experienced a dip in price before the Wall Street open on March 15, but traders were not concerned about the bull market. The price of BTC reached a low of $65,569 on Bitstamp after reaching all-time highs the day before. Market observers remained calm, noting that corrections are normal during bull runs. They pointed out that a 10% drop in price is not significant compared to the potential 30% corrections that can occur during a bull market. They reassured investors that this was normal behavior for a bull market.

Traders discussed the possibility of BTC’s price going even lower, with one popular trader highlighting a block of bid liquidity around $64,000. They also noted that open interest had already decreased significantly during the price drop. They believed that if the price were to bounce back, it would likely happen around this price level. Another trader compared the current correction to previous ones and stated that if it follows the same pattern, the price could drop to $58,000. Despite the unexpected pullback, both traders remained optimistic and expected higher prices in the coming months.

As leveraged long positions unwound, liquidations increased significantly. Nearly $300 million worth of BTC liquidations were recorded within 24 hours. Few traders were interested in taking short positions. Instead, spot selling was leading to price decreases, and longs were being taken out. Traders noted that there was not much panic shorting happening yet, and most short positions were profit-taking measures.

BTC experienced a dip in price before the Wall Street open, but traders remained unfazed. They viewed the correction as normal behavior for a bull market and expected the price to bounce back. Liquidations increased as leveraged long positions unwound, but few traders were interested in shorting BTC. The market remained confident in the long-term prospects of Bitcoin.

Bartie Savell

Bartie Savell

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