Bitcoin experienced a dip below its weekly lows before the March 15 Wall Street opening, with its value declining to $65,569 on Bitstamp, as per Cointelegraph Markets Pro and TradingView.
This downturn followed the cryptocurrency reaching new all-time highs, with the previous peak of $69,000 from 2021 failing to provide support.
Despite this, the market response remained relatively unfazed, maintaining a perspective that corrections are typical in a bullish trend.
“Bitcoin’s price retracing -10% on this move when greater than -30% corrections are normal during bull runs,” commented On-Chain College on X, highlighting that such corrections are a standard aspect of Bitcoin bull markets.
This sentiment was mirrored by the fact that over 95% of Bitcoin’s supply was in unrealized profit territory, suggesting a normal market behavior.
Credible Crypto, another prominent commentator, pointed to a potential bounce around the $64,000 level, noting a significant reduction in open interest during the price drop.
This perspective was bolstered by Jelle, who compared the current correction to historical averages, suggesting that a 20% pullback could see prices around $58,000, although he did not predict this with certainty.
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Jelle also expressed surprise at the pullback but remained optimistic about future price increases.
This optimism comes amidst a surge in liquidations, with nearly $300 million in BTC positions liquidated over 24 hours, according to CoinGlass.
Coverage continued with Skew noting the lack of panic shorting in the market, with most selling attributed to long position liquidations and profit-taking from hedges.
The minimal premium on Bitcoin futures indicated a cautious market sentiment, yet without significant moves towards short selling.
The overall market reaction to Bitcoin’s price movements reflects a seasoned understanding of its volatility, with many expecting these fluctuations as part of a larger bullish trend.
Despite the current retracement, the sentiment among traders and commentators suggests a continued belief in Bitcoin’s long-term growth potential.
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