Bitcoin slides another 3% — Is BTC price headed for $69K next?

8 hours ago

Bitcoin (BTC) inactive risks a clang to $75,000 arsenic BTC terms weakness accelerates into the play close.

How debased tin BTC terms enactment spell earlier uncovering a bottom? Popular marketplace participants measurement successful arsenic information from Cointelegraph Markets Pro and TradingView shows BTC/USD down implicit 3% connected March 9.

Bitcoin eats done bid liquidity

Exchange bid books are forming an country of aggravated involvement among Bitcoin traders arsenic the play candle adjacent nears.

Liquidation levels connected either broadside of the spot terms look ripe for the taking, with longs already paying arsenic BTC/USD sags to $83,000.

“Liquidation representation says: Whales hunting stops!” fashionable trader TheKingfisher wrote successful a warning to X followers connected the day.

“Lots of LONG liquidations astir $84300! Shorts stacked adjacent 86500-87000. Know these levels for halt losses!”

Data from monitoring assets CoinGlass presently puts aggregate 24-hour crypto liquidations astatine implicit $300 million.

The thickest bid liquidity crossed exchanges stood astatine conscionable beneath $83,000 astatine the clip of writing, with the spot terms dangerously adjacent to breaking lower.

$75,000 BTC terms dip next?

Could February’s multimonth lows of $78,000 beryllium conscionable the start?

A bearish BTC terms instrumentality suggests that the marketplace is not done retesting levels not seen since November past year.

For fashionable trader Mikybull Crypto, determination is simply a wide accidental that Bitcoin volition retest its 50-week elemental moving mean (SMA).

“$BTC apt heading for the MA enactment for a imaginable section bottom,” helium predicted.

BTC/USD past interacted with the 50-week SMA successful September but has avoided a play candle adjacent beneath it since March 2023.

The 200-day SMA, meanwhile, is besides backmost connected the radar arsenic terms challenges it arsenic enactment for the archetypal clip since October.

95% likelihood that $69,000 volition hold

As Cointelegraph reported past week, a historically close BTC terms mechanics suggests that the existent level present lies astatine astir $69,000.

This would instrumentality BTC/USD backmost to its aged 2021 all-time precocious and people a 37% correction versus its existent one.

The Lowest Price Forward instrumentality gives 95% certainty that Bitcoin volition not spell immoderate lower. Its way grounds is impressive, having correctly stated that BTC/USD would ne'er revisit $10,000 aft September 2020.

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.

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