Bitcoin nears lowest in three weeks as BTC price targets drop to $41K

3 days ago

Bitcoin grabbed downside liquidity arsenic oil-supply unit sent BTC terms enactment beneath $66,500 to its lowest levels since March 9.

Bitcoin (BTC) neared three-week lows into Friday’s Wall Street unfastened amid reports of Iran closing the Strait of Hormuz lipid route.

Key points:

Bitcoin reacts severely to caller oil-supply threats up of Friday’s Wall Street open.
BTC terms enactment hunts bid liquidity, continuing a week of low-time framework liquidity grabs.
Another carnivore emblem threatens to nonstop the marketplace beneath $50,000, investigation says.

Bitcoin eyes scope lows into monthly close

Data from TradingView showed BTC terms enactment slipping beneath $66,500 up of the Wall Street open.

US stocks futures trended down and US WTI crude lipid eyed $97 per tube arsenic geopolitical tensions refused to fto up.

Data from CoinGlass showed BTC/USD eating into a ladder of bid liquidity extending down to $65,000, with a partition of asks keeping terms pinned beneath the $70,000 mark.

“$70-71k confirmed arsenic absorption again,” trader Jelle wrote successful investigation connected X the time prior.

“Still a clump of liquidity built up below, mostly not what you spot astatine marketplace bottoms. Expecting that liquidity to beryllium taken out; sooner oregon later.”

The latest marketplace moves continued a taxable of liquidity grabs seen passim the week.

Continuing, crypto trader Michaël Van de Poppe said that helium would not beryllium “surprised” astir further BTC terms weakness into the March monthly candle close.

“Especially fixed that we're presently anticipating a imaginable expanse of the lows,” helium told X followers connected the day.

“In that case, I stay to beryllium funny to beryllium buying successful the little $60K regions.”

BTC terms gets $41,000 “measured target”

On longer clip frames, marketplace participants focused connected a imaginable bearish enactment breakdown from Bitcoin’s 2nd carnivore emblem operation of 2026.

Previously occurring successful January, the existent carnivore emblem has produced targets beneath $50,000.

“Bitcoin mounting up for a rising wedge merchantability signal,” seasoned trader Peter Brandt warned connected Wednesday, joining those calls.

In his ain X update, trader and pedagogue Aaron Dishner continued the bearish code astir the emblem structure.

“BTC is doing precisely what the carnivore emblem setup called for. Price broke beneath the unreality yesterday connected the daily, and contiguous opened beneath it - presently down conscionable 0.32% but that's not a recovery, that's hesitation,” helium commented.

“The measured people from the January 14th precocious to the February 6th low, applied to the existent emblem structure, puts the downside astatine $41K.”

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