Ramazan Eles 
Bitcoin traders are closely monitoring the $60,000 support level as a significant futures gap emerges, signaling potential price movements.
Despite Bitcoin experiencing its lowest levels since March 6 in a sharp weekend sell-off, bullish sentiment remains strong among investors.
On March 17, Bitcoin edged closer to the $60,000 mark amid sustained selling pressure over the weekend. Data from TradingView indicated that BTC reached new lows of $64,522 on Bitstamp.
Following a week of reaching new all-time highs, Bitcoin faced considerable downward pressure, resulting in a series of lower lows and failed rebound attempts.
Analysts, including popular trader Skew, identified key support zones for buyers on major exchanges, primarily ranging between $60,000 and $64,000.
Skew noted that most of the selling pressure was driven by market selling, but some entities were engaging in large-scale dollar cost averaging (DCA) at the lows, contributing to short-term price rebounds.
The recent correction in Bitcoin’s bull market amounted to approximately 12%, a relatively modest pullback compared to previous cycles while maintaining the broader uptrend.
Despite the bearish sentiment, optimistic market observers pointed to ongoing buying activity from United States spot Bitcoin exchange-traded funds (ETFs), expected to resume on March 18. This activity led some to speculate that the current market conditions could be a bear trap.
Meanwhile, with more than 12 hours left until the weekly close, others are eyeing the potential for an early-week rebound. The widening gap in CME Group’s Bitcoin futures market, which closed on March 15 at $69,135, could provide an impetus for relief, as historically observed.
The gap between CME futures and spot price presents an opportunity for price convergence, potentially driving upward momentum in Bitcoin’s price.
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