Pro traders and analysts view Bitcoin’s dip below $54,000 as another bullish buy-the-dip opportunity.
On March 23 bears managed to push the price of Bitcoin (BTC) below the $54,000 support level as various on-chain data suggests that whale wallets have begun slowing down purchases and are transferring the risk to retail investors.
Data from Cointelegraph Markets and TradingView shows that the downtrend that began on March 22 and continued into Tuesday s the price retested the $54,000 support level for the second time this week.
Data from Coinshares indicates that BTC remains the chosen asset for institutional investors while the sector as a whole continues to see significant growth as $57 billion in assets is currently being managed by institutions.
The uptrend remains intact despite the recent pullback
While inexperienced traders and those new to the cryptocurrency space might view the recent downturn as a sign of a bearish reversal, Cointelegraph Markets analyst Michaël van de Poppe sees the pullback as a bullish development for Bitcoin.
Tweet of Michael Van de Poppe
“This behavior formed the final leg of the last short-term bearish trend, which lines up with the upcoming largest options expiry. This is the type of thing that can clear the way for higher highs ahead. We’re still bullish on April, and general flows support this.”