Bitcoin trader affirms that a Bitcoin price below $57K would be beneficial in maintaining the bullish market.

Bitcoin (BTC) disregarded the latest United States unemployment data on March 21 as traders remained hopeful for a prolonged consolidation period in BTC price. Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD was hovering around $66,000. The Wall Street open followed lower-than-expected U.S. jobless claims, which came after the Federal Reserve indicated plans to lower interest rates despite sticky inflation. The results of the Federal Open Market Committee (FOMC) meeting on March 20 were seen as a green light on policy, leading risk assets like the S&P 500 to reach new all-time highs and Bitcoin to gain 12%. However, some traders preferred to wait before reentering the market. Aksel Kibar, a popular trader, expressed his satisfaction with the current situation, stating, “Ideal condition for me might be taking place. I like it.” Kibar had previously mentioned in March that he hoped for a period of sideways trading below the key $69,000 level before a breakout to new all-time highs. Another trader, Bob Loukas, believed that even a dip to lower levels than those recently seen would be beneficial. He stated, “Fairly clean path for bitcoin. FOMC strength could mean lows on 60-day timeframe.” On-chain analysis revealed the extent of panic among the broader investor base as Bitcoin rebounded. The spent output profit ratio (SOPR) for Bitcoin turned negative on March 20 for only the fifth time this year. SOPR measures the profitability of coins used in transactions, with negative values indicating more loss-making transactions. March 20 recorded the highest negative score since October 2023. As reported by Cointelegraph, larger BTC entities continue to increase their exposure while smaller investor classes sell. It is important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any decisions.