Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnSquareMore
BTC price battles for key $69K as Bitcoin nears short liquidation zone

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

CointelegraphCointelegraph2024/03/25 15:15
By:William Suberg

Bitcoin nears nine-day highs to start the last week of March, but many are still highly cautious about BTC price optimism.

Bitcoin ( BTC ) broke above the key $69,000 at the March 25 Wall Street open as a BTC rebound gathered steam.

BTC price battles for key $69K as Bitcoin nears short liquidation zone image 0

BTC/USD 1-hour chart. Source: TradingView

Bitcoin 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 price battles for key $69K as Bitcoin nears short liquidation zone image 1

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 price battles for key $69K as Bitcoin nears short liquidation zone image 2
BTC/USD 1-month chart with 50-day simple moving average (SMA). Source: TradingView

BTC liquidation risk mounts

Liquidation data reinforced the stakes for those on the wrong side of the Bitcoin trade.

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.

BTC price battles for key $69K as Bitcoin nears short liquidation zone image 3
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.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

1inch launches Aqua: the first shared liquidity protocol, now open to developers

The developer version of Aqua is now online, offering the Aqua SDK, libraries, and documentation, allowing developers to integrate the new strategy models ahead of time.

ForesightNews2025/11/17 15:11
1inch launches Aqua: the first shared liquidity protocol, now open to developers