Bitcoin Traders Consider $60K BTC Price Support Amid Significant Futures Gap

According to Cointelegraph: Despite Bitcoin dropping to its lowest levels since March 6 amid a rigorous weekend sell-off, anticipations are high for a potential bounce back to the $60,000 mark. Persistent spot selling kept Bitcoin under pressure, prompting it to bottom at $64,522 on Bitstamp, its lowest level through the weekend. BTC/USD 1-hour chart. Source: TradingView Following bullish highs made earlier in the week, Bitcoin faced substantial selling pressure, with several failed rebounds. Notable trader Skew has highlighted key zones of interest for bidders, primarily lying between the $60,000 and $64,000 mark. BTC/USDT order book data with bid liquidity. Source: Skew on X Despite the recent 12% correction in Bitcoin's bull market, optimistic market players continue to hold a positive outlook, referencing potential buying Yonce U.S. spot Bitcoin exchange-traded funds (ETFs) resume on March 18. CME Group Bitcoin futures 1-hour chart. Source: TradingView Additionally, the bitcoin futures market operated by CME Group ended on March 15 at $69,135, leaving a rapidly growing "gap" between the futures price and the spot price. This differential could act as an impetus for a potential price boost, adhering to prior historical precedents. This optimism is also buoyed by rumors of substantial institutional wealth possibly pouring into Bitcoin in the coming months.

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