Bitcoin traders closely monitor $60K BTC price support due to the emergence of a significant futures gap.

Bitcoin (BTC) came close to reaching $60,000 on March 17 as selling pressure persisted over the weekend. The price of BTC hit new lows of $64,522 on Bitstamp after reaching new all-time highs earlier in the week. Despite the downward trend, some traders engaged in dollar-cost averaging (DCA) at the lows, leading to small rebounds. The correction in Bitcoin’s bull market this time was around 12%, which is less significant compared to previous cycles. Market observers remained optimistic, citing the ongoing buying from US spot Bitcoin exchange-traded funds (ETFs) that would resume on March 18. Some experts believed that the current bearish trend could be a bear trap, with rumors of fresh institutional wealth allocation to BTC potentially coming in the next few months. Additionally, others looked at the potential for a comeback early in the week, as the gap in CME Group’s Bitcoin futures market widened during the weekend’s drawdown. The closing price of CME futures on March 15 and the resulting gap between that and the spot price could provide relief, following historical precedent. It’s important to note that this article does not provide investment advice and readers should conduct their own research before making any decisions.