Fun

BTC price nears 2-week highs as volatility clears Bitcoin sell orders

News Feed - 2024-03-27 11:03:09

William Suberg9 hours agoBTC price nears 2-week highs as volatility clears Bitcoin sell ordersBitcoin"s old 2021 all-time high proves to be a magnet as bulls" latest charge is cut off near two-week BTC price highs.3494 Total views23 Total sharesListen to article 0:00Market UpdateOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin (BTC) saw fresh volatility at the March 27 Wall Street open as analysts said that short liquidations were now long overdue.BTC/USD 1-hour chart. Source: TradingViewBitcoin takes sell-side liquidity before fresh dip


Data from Cointelegraph Markets Pro and TradingView tracked BTC price action as it hit its highest levels in nearly two weeks — $71,754 on Bitstamp.


A sudden correction then saw BTC/USD drop $1,300 in minutes, going on to total more than 4% as bulls fought to flip the key $69,000 zone to support.BTC/USD 1-minute chart. Source: TradingView


The latest data covering flows for the United States spot Bitcoin exchange-traded funds (ETFs) remained encouraging.


After net inflows of more than $400 million the day prior, Wall Street trading began with a modest 1,300 BTC ($91 million) outflow from the Grayscale Bitcoin Trust (GBTC).


The figures, from crypto intelligence firm Arkham, were uploaded to X (formerly Twitter) by popular trader Daan Crypto Trades.Source: Daan Crypto Trades


“We"re indeed seeing some high volatility as well,” he added in a further post, noting that the local highs had filled a large wall of BTC sell orders.


Liquidating short BTC positions was now a key topic of discussion for market observers. The latest data from on-chain monitoring resource CoinGlass showed bids thickening around $69,000 — a potential safety net should the market reverse.BTC liquidation heatmap (screenshot). Source: CoinGlass


Further out, fellow trader CrypNuevo hoped for an attack on the final band of shorts around recent all-time highs at $74,000.


“Mid term: Liquidity at both sides but more likely to go for the upside liquidations at $74.1k because they"re closer from current price,” he reasoned in part of an X post.BTC liquidation heatmap for Binance. Source: CrypNuevo/X$69,000 remains key point on the BTC price map


With $68,500 coming back into play at the time of writing, popular trader Crypto Ed was among those calling for calm.


Related: Bitcoin ‘sell-side liquidity crisis’ sees BTC move for the first time since 2010


That price, he said in his latest YouTube video released on the day, would form a potentially suitable long entry and would not constitute a major corrective move.


“Not really sure if this next move is really a big one — $73,000 maybe,” he suggested about where BTC/USD could go thereafter.


A further correction could then set in before attacking the all-time highs.


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 reaction

News Feed

Lionel Messi promotes Solana memecoin on Instagram
Vince Quill4 hours agoLionel Messi promotes Solana memecoin on InstagramThe soccer legend touted Watercoin, a memecoin purportedly focused on raising awareness and providing solutions for ecological issues.3594 Total vie
Spot Bitcoin ETFs attract investor interest despite August outflows
Amaka Nwaokocha13 hours agoSpot Bitcoin ETFs attract investor interest despite August outflowsThe positive inflows into ETFs from major players like Fidelity and BlackRock highlight the growing confidence in the investme
Hillary Clinton Urges Biden Administration to Pressure Crypto Exchanges to Block Russian Users
Hillary Clinton Urges Biden Administration to Pressure Crypto Exchanges to Block Russian Users Former presidential candidate Hillary Clinton has criticized the Biden administration
Crypto Stories: Charlie Shrem tells how he became a Bitcoin millionaire
Tom Blackstone6 hours agoCrypto Stories: Charlie Shrem tells how he became a Bitcoin millionaireShrem made a fortune off his Bitcoin payment service, BitInstant, but then went to prison for alleged money laundering.1787
Bitcoin price drop and crypto market turmoil intensifies — Is Germany to blame?
Marcel Pechman3 hours agoBitcoin price drop and crypto market turmoil intensifies — Is Germany to blame?Some traders say Germany’s Bitcoin selling is behind this week’s drop, but a negative reaction to concerning m
Over $1B wiped out in crypto liquidations as global markets suffer
Arijit Sarkar12 hours agoOver $1B wiped out in crypto liquidations as global markets sufferCrypto traders faced significant losses as major cryptocurrencies, including Bitcoin and Ether, experienced a sharp decline, resu
Colorado Could Be Next in the Race to Bank Crypto (and Cannabis)
The Takeaway: Members of Colorado’s Blockchain Coincil have begun the process of creating special-purpose banking legislation to cater to crypto companies. The aim is to get a bill in front of Colorado lawmakers by
NFEX Raises $3M Seed Round to Build NFT Derivatives DEX
NFEX Raises $3M Seed Round to Build NFT Derivatives DEX press release PRESS RELEASE.NFEX has completed a $3 Million seed round led by ABCDE Capital and included investment from othe
Coinbase CEO Says Apple’s Crypto Policy Raises ‘Potential Antitrust Issues’
Coinbase CEO Says Apple"s Crypto Policy Raises "Potential Antitrust Issues" The CEO of the Nasdaq-listed cryptocurrency exchange Coinbase, Brian Armstrong, says Apple has not playe
Tom Blackstone2 hours agoConnext, Alchemix launch cross-chain token standard to reduce bridge exploit lossesThe two protocols will implement a standard for issuers to control the “canonical” minting of tokens, helpin
Crypto Exchanges See Bitcoin Reserves Drop by 70% Since Black Thursday’s Market Rout
Crypto Exchanges See Bitcoin Reserves Drop by 70% Since Black Thursday"s Market RoutSince the market carnage on March 12 otherwise known as Black Thursday, the exchange Bitmex has s
Derek Andersen6 hours agoGenesis Digital Assets opens three new facilities in South Carolina in US expansionThe company has 400 MW of capacity spread across three continents, but most of its power is concentrated in Texa