Absence of Bitcoin shorts remains constant during ‘very normal’ dip in BTC price below $66K

Bitcoin (
BTC
) experienced a decline in price before the opening of Wall Street on March 15, but traders in the bull market remained unfazed by this development.
The price of BTC dropped to $65,569 on Bitstamp, falling below the previous week’s low, after reaching new all-time highs. Support levels were tested for the first time during this decline, and Bitcoin’s previous record high of $69,000 from 2021 was unable to provide support.
However, market observers were not concerned by this dip. They pointed out that corrective moves are normal during bull runs and that a 10% retracement is insignificant compared to the typical 30% corrections seen in previous bull markets.
Trader Credible Crypto identified a block of bid liquidity around $64,000 and suggested that a bounce or reversal could occur at this level, accompanied by a decrease in open interest. Another trader, Jelle, compared the current correction to historical patterns and noted that the average major pullback during this cycle is around 20%.
While Jelle admitted to being surprised by the pullback, he remained optimistic and expected Bitcoin prices to rise significantly in the coming months.
On the other hand, leveraged long positions were being liquidated, with nearly $300 million in BTC liquidations recorded in the 24 hours leading up to the time of writing. Few market participants were willing to take short positions, according to data from CoinGlass and popular trader Skew.
It should be noted that this article does not provide investment advice or recommendations, and readers are advised to conduct their own research before making any investment or trading decisions.