William Suberg8 hours agoBTC price battles for key $69K as Bitcoin nears short liquidation zoneBitcoin nears nine-day highs to start the last week of March, but many are still highly cautious about BTC price optimism.6483 Total views24 Total sharesListen to article 0:00Market UpdateOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin (BTC) broke above the key $69,000 at the March 25 Wall Street open as a BTC rebound gathered steam.BTC/USD 1-hour chart. Source: TradingViewBitcoin starts "TradFi" week with resistance rematch
Data from Cointelegraph Markets Pro and TradingView tracked swift gains for BTC/USD, which reached $69,463 on Bitstamp.
Up nearly 3% on the day, Bitcoin wasted no time making up for the previous week’s losses.
The top of the previous cycle bull market, $69,000 nonetheless continued to act as a psychologically important line in the sand.
“Structurally price needs to close a HH above $69K with bullish momentum,” popular trader Skew wrote in part of his latest market update on X (formerly Twitter).
Skew noted that significant buy liquidity was situated only at $60,000, while major resistance was in place above current all-time highs near $74,000.
“$74K will be a significant price area imo, both in terms of supply & psychological,” adding that “smaller spot bids” were now moving closer toward spot price.BTC/USD chart with trendlines. Source: Skew/X
Adopting a conservative perspective, meanwhile, Keith Alan, co-founder of trading resource Material Indicators, warned that a lack of nearby bid liquidity could easily sour the current BTC price recovery.
“Last month Bitcoin closed ~$61.1k and if bulls can close above that level this month it would be an unprecedented 7th consecutive green M close for #BTCUSDT,” he told X subscribers.“I"m certainly not saying that it can"t happen because it absolutely can, but I"m banking, err betting, on the fact that price will at least retest support before the M close.”
Alan referred to the monthly close as a potential area of volatility, arguing that a retracement could still come despite his “fairly bullish” longer-term bias.
“With less than a week to go for the Monthly close and less than a month to go for the Halving, I"m watching to see if bids start moving up to push price to a green M close or if they continue to thin out in the range,” he wrote.“If the latter happens, I"m focused on that concentration of bid liquidity in the $58k - $60k range which correlates perfectly with the 50-Day MA and would represent a 20% correction from the new ATH.”BTC/USD 1-month chart with 50-day simple moving average (SMA). Source: TradingViewBTC liquidation risk mounts
Liquidation data reinforced the stakes for those on the wrong side of the Bitcoin trade.
Related: GBTC outflows meet ‘incredible demand’ ― 5 things to know in Bitcoin this week
According to monitoring resource CoinGlass, $50 million of BTC shorts was liquidated in the 24 hours to the time of writing.
A break above $70,600, meanwhile, would tap $500 million in short leverage.Bitcoin exchange liquidation heatmap (screenshot). Source: CoinGlass
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.# Bitcoin# Bitcoin Price# MarketsAdd reactionAdd reactionRead moreBitcoin pro traders were unmoved by BTC’s sell-off, data points to new price highs3 reasons why Bitcoin price is up todayPrice analysis 3/25: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, ADA, AVAX