Bitcoin

Material

Gains

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin (BTC) surged past the significant $69,000 mark on March 25.</li>
 <li>Despite the rise, some traders warn of potential volatility and retracement.</li>
</ul>
<p>Bitcoin’s value soared past the crucial $69,000 threshold at the start of the traditional financial week, indicating a strong recovery for the cryptocurrency.</p>
<h2 id="bitcoin-s-swift-gains">Bitcoin’s Swift Gains</h2>
<p>Data demonstrates a rapid increase for BTC/USD, peaking at $69,463 on Bitstamp. With an almost 3% rise on the day, <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> quickly compensated for the losses of the previous week.</p>
<p>Despite its status as the peak of the previous bull market cycle, the $69,000 mark still serves as a significant psychological barrier.</p>
<p>Popular trader, Skew, highlighted that substantial buy liquidity was located at $60,000, while significant resistance lay above the current record highs near $74,000. He suggested that “$74K will be a significant price area imo, both in terms of supply &amp; psychological,” and noted that “smaller spot bids” were gradually moving closer to the spot price.</p>
<h2 id="potential-volatility-ahead">Potential Volatility Ahead</h2>
<p>Meanwhile, Keith Alan, co-founder of trading resource Material Indicators, cautioned that a lack of nearby bid liquidity could jeopardize the current BTC price recovery.</p>
<p>Alan pointed to the monthly close as a potential volatility hotspot, arguing that a retracement could still occur despite his longer-term bullish bias. He emphasized the concentration of bid liquidity in the $58k – $60k range, which aligns perfectly with the 50-Day MA and would represent a 20% correction from the new ATH.</p>
<p>Data on liquidation underscored the risks for those on the wrong side of the Bitcoin trade. Monitoring resource CoinGlass reported that $50 million of BTC shorts were liquidated in the 24 hours leading up to the time of writing. A break above $70,600 would tap $500 million in short leverage.</p>

Battling the $69K Hurdle: Bitcoin Edges Towards Critical Liquidation Point

Table of Contents

crypto.ro global

Other articles published on Mar 25, 2024

Bitcoin ETFs could soften BTC price retracement before the halving

Kevin Hart’s NFT Loss: A Cautionary Tale of Market Volatility

Crypto Investment Products See $942 Million Outflows, GBTC Plays Spoilsport

Polygon’s Recovery and Investor Sentiment

Bitcoin Price Analysis: Is the Danger Still Looming for BTC?

NFT Sales Fell 30% Last Week – Will Investors Shift Back Attention To NFTs This Week?

Join our free newsletter for daily crypto updates!