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Bitcoin may take out previous $53K lows before bulls regain control


23 Mar 2021

#Bitcoin

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 price bounces at $53,000

Data 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. Source: Santiment/ Twitter

24-hour liquidations near $2 billion

As Cointelegraph reported, however, other on-chain metrics suggest that Bitcoin could be at least half way through its latest bull run, with only the top formation segment left. Not every trader was meanwhile prepared for the extent of the overnight drop, as demonstrated by the $1.38 billion in liquidated longs over the past 24 hours out of $1.7 billion in total.

2021 has become notorious for those betting on price direction across cryptocurrencies, with leveraged traders in particular contributing to a huge amount in liquidiations, data from Bybt confirms.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 87.6% 23 $19 492.38 3.02% 1.40% $373 547 234 360 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 68.4% 71 $1 338.79 3.52% 2.44% $164 103 624 964 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 95.6% 1 $1.000061 0.01% 0% $67 960 325 658 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 91.2% 1 $1.000088 -0.01% -0.01% $48 695 235 719 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 85.6% 15 $281.44 3.33% 4.36% $45 407 391 607 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 62% 83 $0.440922 3.20% 1.84% $22 002 284 001 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 93.6% 1 $1.000190 -0.03% 0% $21 046 224 693 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 81.2% 35 $0.435330 0.82% -4.64% $14 905 748 941 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 79.2% 31 $33.83 4.40% 4.59% $12 003 126 308 SOL 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 90.8% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 86.4% 16 $0.060467 1.11% 1.89% $8 022 208 600 DOGE 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 70.8% 56 $6.46 2.15% -0.13% $7 238 678 326 DOT 7 days price change
13 Dai (DAI) DAI Dai predictions 94.8% 1 $0.999277 -0.05% -0.10% $6 859 611 215 DAI 7 days price change
14 Polygon (MATIC) MATIC Polygon predictions 69.2% 62 $0.747117 2.20% -0.86% $6 525 557 909 MATIC 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 94.4% 5 $0.060060 2.14% 0.60% $6 106 652 098 WTRX 7 days price change

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