Bitcoin drops to two-week low overnight

23 Mar 2021

Bitcoin fell to its lowest point in a fortnight on Tuesday.

According to data from Cointelegraph Markets Pro and Tradingview, BTC/USD fell to local lows of $53,125 on Bitstamp overnight.

The price dip, the first to test this year’s bull run in March, brought the likelihood of a $50,000 test nearer, with support from buyers on exchanges appearing more precarious.

As per a Cointelegraph report, Binance data confirmed support at $53,000, but if this isn’t the case, just definitive demand at $46,000 is in place at stop the retracement.

“Expecting the previous lows in BTC to be taken out before we can see a significant bounce,” said trader Crypto Ed, as he predicts an upcoming move below $53,000.

CryptoQuant CEO Ki Young Ju added: “This bull-run isn't over yet. I'm ready to buy the dip.

“But I'll patiently wait till on-chain supply/demand indicators say ‘all-in.’”

Ki made reference to high selling pressure on spot exchanges bolstering the upside, but also recognised trader sentiment, who regarded recent price action as a typical consolidatory move rather than capitulation.

In terms of hodler trends, a higher number of Bitcoin was removed from exchanges over the past few days than at any time in the last six weeks.

However, the Cointelegraph report adds, not all traders were ready for the impact of the decline overnight, as shown by $1.38 billion in liquidated longs in 24 hours, from a total of $1.7 billion.