{"id":208700,"date":"2021-03-23T11:13:50","date_gmt":"2021-03-23T08:13:50","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-may-take-out-previous-53k-lows-before-bulls-regain-control-says-trader\/"},"modified":"2021-03-23T11:13:50","modified_gmt":"2021-03-23T08:13:50","slug":"bitcoin-may-take-out-previous-53k-lows-before-bulls-regain-control-says-trader","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-may-take-out-previous-53k-lows-before-bulls-regain-control-says-trader\/","title":{"rendered":"# Bitcoin may &#8216;take out&#8217; previous $53K lows before bulls regain control, says trader"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3a1bd6586ac\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3a1bd6586ac\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-may-take-out-previous-53k-lows-before-bulls-regain-control-says-trader\/#BTC_price_bounces_at_53000\" >BTC price bounces at $53,000<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-may-take-out-previous-53k-lows-before-bulls-regain-control-says-trader\/#24-hour_liquidations_near_2_billion\" >24-hour liquidations near $2 billion<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin may &#8216;take out&#8217; previous $53K lows before bulls regain control, says trader <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>Bitcoin (BTC) dropped to its lowest in two weeks on March 23 amid fears that bulls were running out of <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>etite to buy.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-03\/50d087cd-63d0-4811-a388-b1e59fa299b7.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\">Tradingview<\/a><\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"BTC_price_bounces_at_53000\"><\/span>BTC price bounces at $53,000<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\">Tradingview<\/a> showed BTC\/USD hitting local lows of $53,125 on Bitstamp overnight.<\/p>\n<p>The latest hit to the 2021 bull run this month, Tuesday\u2019s dip brought the prospect of a $50,000 test ever closer, with buyer support on exchanges looking increasingly shaky.<\/p>\n<p>Data from Binance\u2019s orderbook confirmed support at $53,000, but should this crumble, only definitive demand at $46,000 remains to halt the retracement.<\/p>\n<p>\u201cExpecting the previous lows in BTC to be taken out before we can see a significant bounce,\u201d trader Crypto Ed <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Crypto_Ed_NL\/status\/1374106860391923714\">summarized<\/a>, forecasting an upcoming move below $53,000.<\/p>\n<p>\u201cThis bull-run isn&#8217;t over yet. I&#8217;m ready to buy the dip,\u201d Ki Young Ju, CEO of on-chain analytics service CryptoQuant, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ki_young_ju\/status\/1374257447955693572\">argued<\/a>, striking a more upbeat tone.<\/p>\n<blockquote><p>\u201cBut I&#8217;ll patiently wait till on-chain supply\/demand indicators say \u2018all-in.\u2019\u201d <\/p><\/blockquote>\n<p>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 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1374253309985439746\">classed<\/a> recent price action as a standard consolidatory move rather than capitulation.<\/p>\n<p>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. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-03\/73adf444-bb89-434b-832b-ed86b8ba534c.jpeg\"><figcaption style=\"text-align: center;\"><em>BTC and Tether (USDT) exchange supply changes vs. BTC\/USD. Source: Santiment\/ <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a><\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"24-hour_liquidations_near_2_billion\"><\/span>24-hour liquidations near $2 billion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>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.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-03\/ad1f3c51-3440-4e0a-86ec-3f1ae2ad434b.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin liquidations chart. Source: Bybt<\/em><\/figcaption><\/figure>\n<p>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.<\/p>\n<p>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.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-may-take-out-previous-53k-lows-before-bulls-regain-control-says-trader\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin may &#8216;take out&#8217; previous $53K lows before bulls regain control, says trader &#8221; Bitcoin (BTC) dropped to its lowest in two weeks on March 23 amid fears that bulls were running out of appetite to buy. BTC\/USD 1-hour candle chart (Bitstamp). Source: Tradingview BTC price bounces at $53,000 Data from Cointelegraph Markets Pro&#8230;<\/p>\n","protected":false},"author":1,"featured_media":208701,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDMvMmMzMjMyOTgtOTg2YS00ZDYzLTllMGYtNmU3MDliNTBkNzljLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785],"class_list":["post-208700","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/208700","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=208700"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/208700\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/208701"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=208700"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=208700"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=208700"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}