Fun

BTC price battles for key $69K as Bitcoin nears short liquidation zone

News Feed - 2024-03-26 12:03:09

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

News Feed

Blockchain Platform to Set up a Tokenization Solution for Argentinean Farmers as Peso Keeps Plummeting
Blockchain Platform to Set up a Tokenization Solution for Argentinean Farmers as Peso Keeps Plummeting With Argentineans facing rising inflation to near 40%, sol
CFTC Commissioner Opposes Regulation by Enforcement, Says Crypto Needs Clearer Rules
CFTC Commissioner Opposes Regulation by Enforcement, Says Crypto Needs Clearer Rules A commissioner with the Commodity Futures Trading Commission (CFTC), Dawn Stump, has voiced con
Samsung SDS Beefs Up Privacy on Its Business-Grade Blockchain
Samsung SDS, the enterprise technology arm of the South Korean behemoth, is enhancing privacy on its Nexledger blockchain with zero-knowledge proofs (ZKPs). The company said Thursda
Top New Crypto to HODL as BitGo Launches OTC Trading Services amid 2025 IPO Rumors
BitGo, a popular crypto custody service firm, has now introduced over-the-counter (OTC) trading for digital assets. This will allow traders to trade in derivatives of more than 250 digital assets. BitGo will also offer y
A Look at the Fed’s Recent Custodia Bank Denial and the Central Bank’s Push Back Against Narrow Banking
A Look at the Fed"s Recent Custodia Bank Denial and the Central Bank’s Push Back Against Narrow Banking Over the past century, the number of American banks has significantly decr
Justin Sun Suffers Health Setback, Reschedules Lunch with Warren Buffett
Readers may recall that Justin Sun won a prized lunch date with investing legend Warren Buffett earlier this year, bidding a record $4.57 million at a charity auction.$TRX down 8% in minutes after Justin Sun cancels his
Tesla CEO Elon Musk Opposes Governments Regulating Crypto, Says They Should ‘Do Nothing’
Tesla CEO Elon Musk Opposes Governments Regulating Crypto, Says They Should "Do Nothing" Tesla CEO Elon Musk thinks governments should not try to regulate cryptocurrency. “I
GAIMIN’s Early Access Event Opens Its Platform and Monetization App to Gamers
GAIMIN’s Early Access Event Opens Its Platform and Monetization App to Gamers press release PRESS RELEASE. Zug, Switzerland, 12th August 2022: GAIMIN announces the opening of its
Google Pulls 49 Cryptocurrency Wallet Browser Extensions Found Stealing Private Keys
Google Pulls 49 Cryptocurrency Wallet Browser Extensions Found Stealing Private KeysGoogle has removed 49 cryptocurrency wallet browser extensions after a security researcher discov
South Korea Passes Bill to Regulate Cryptocurrency in Line With FATF Standards
South Korea Passes Bill to Regulate Cryptocurrency in Line With FATF Standards South Korea’s National Assembly finally passed a bill that provides a framework for the regul
Eunoia – a Knowledge Community DAO Platform for Professionals
Eunoia - a Knowledge Community DAO Platform for Professionals press release PRESS RELEASE.DemandCircle is delighted to announce the official launch of Eunoia, Web 3.0’s very own d
Arbitrum to unlock $2.32B in vested tokens on March 16
Ezra Reguerra11 hours agoArbitrum to unlock $2.32B in vested tokens on March 16Token Unlocks highlighted that Arbitrum will do a “Cliff Unlock,” where tokens are released in a lump sum at the deadline.3081 Total view