Bitcoin trader says sub-$57K BTC price would help sustain bull market

Bitcoin could use a deeper dip to reset "bull market sustainability," some of the latest BTC price analysis concludes.Risk assets took the results of the March 20 meeting of the Federal Open Market Committee as a green light on policy, with the S&P 500 hitting fresh all-time highs andBTC/USD chart. Source: Aksel Kibar/X

Kibar referenced coverage from earlier in March in which he hoped for a sideways trading period below the key $69,000 level before a “breakout” to new all-time highs. For fellow trader Bob Loukas, even a dip to lower levels than those seen recently would be beneficial. “If a move lower still to come, this tag of 10dma is where it turns to lower low. Structurally better if it does for bull market sustainability. Otherwise close >$70k likely go go go time.”by trading suite Decentrader, March 20 saw Bitcoin's spent output profit ratio flip negative for only the fifth time this year.

SOPR measures the extent to which coins used in transactions move at a profit or loss. Negative values indicate more loss-making transactions, and March 20 scored higher than any negative day since October 2023.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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