Bitcoin sees 'mother of all consolidations' as $40K BTC price squeeze fails

Bitcoin (BTC) saw a caller little abbreviated compression overnight connected March 15 with bulls inactive attempting to ace $40,000 resistance.

BTC/USD 1-hour candle illustration (Bitstamp). Source: TradingView

Traders uninspired by marketplace composition

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching highs conscionable abbreviated of the intelligence obstruction Tuesday earlier returning to erstwhile levels.

The now all-too-familiar "Bart" enactment followed quality that the European Union had rejected a regulatory mechanics to prohibition Proof-of-Work algorithm cryptocurrencies.

The move, portion significant, had nevertheless produced small alleviation successful BTC terms action.

"Altcoins are again showing a batch of weakness successful the BTC pair, arsenic they are dropping. Bitcoin inactive consolidating. Not the champion signs for the markets, to beryllium honest," Cointelegraph contributor Michaël van de Poppe summarized successful his latest Twitter update connected the day.

Bitcoin frankincense remained practically unmoved connected regular timeframes, frustrating a marketplace trapped successful a trading scope for months.

Liquidation information from on-chain monitoring assets Coinglass likewise showed constricted shakeouts arsenic a effect of the latest compression higher — BTC liquidations totalled $47 cardinal implicit 24 hours.

Crypto liquidations chart. Source: Coinglass

The terms enactment likewise enactment wage to hopes of a more bullish outcome based connected the regular close.

$39,000 is an on-chain measurement king

Turning to on-chain metrics, however, Lex Moskovski, CEO of Moskovski Capital, noted the humanities value of existent spot terms levels.

Related: Two years since the COVID-19 crash: 5 things to cognize successful Bitcoin this week

More BTC past moved astatine astir $39,000 than astatine immoderate different terms point, making March's behaviour what helium called "the parent of each consolidations."

— Lex Moskovski (@mskvsk) March 15, 2022

As Cointelegraph reported, accumulation trends are continuing to reenforce the spot of the $38,000-$39,000 bracket, this becoming peculiarly fashionable with whales implicit the past week.