Bitcoin

Grayscale Bitcoin Trust

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) saw fresh volatility at the March 27 Wall Street open as analysts said that short liquidations were now long overdue.
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 <img src="https://s3.cointelegraph.com/uploads/2024-03/f9eb2bcb-d215-4450-9a2c-750a93253522.png">
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 BTC/USD 1-hour chart. Source: TradingView
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<h2 id="bitcoin-takes-sell-side-liquidity-before-fresh-dip">Bitcoin takes sell-side liquidity before fresh dip</h2>
Data from <a href="https://subscription.cointelegraph.com/">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCGBP/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a> tracked BTC price action as it hit its highest levels in nearly two weeks — $71,754 on Bitstamp.
A sudden correction then saw BTC/USD drop $1,300 in minutes, going on to total more than 4% as bulls fought to flip the key $69,000 zone to support.
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 <img src="https://s3.cointelegraph.com/uploads/2024-03/315c66e1-cb4a-4e17-a746-71d4e6bb31df.png">
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 BTC/USD 1-minute chart. Source: TradingView
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The latest data covering flows for the United States spot Bitcoin exchange-traded funds (ETFs) remained encouraging.
After net inflows of more than $400 million the day prior, Wall Street trading began with a modest 1,300 BTC ($91 million) outflow from the Grayscale Bitcoin Trust (GBTC).
The figures, from crypto intelligence firm Arkham, were uploaded to X (formerly Twitter) by popular trader Daan Crypto Trades.
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 <img src="https://s3.cointelegraph.com/uploads/2024-03/78dd1d63-92de-4ce9-88dc-e8db29b649e3.png">
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 Source: Daan Crypto Trades
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“We're indeed seeing some high volatility as well,” he <a href="https://twitter.com/DaanCrypto/status/1772982245764002252" target="_blank" rel="noopener nofollow">added</a> in a further post, noting that the local highs had filled a large wall of BTC sell orders.
Liquidating short BTC positions was now a key topic of discussion for market observers. The latest data from on-chain monitoring resource <a href="https://www.coinglass.com/pro/futures/LiquidationHeatMap" target="_blank" rel="noopener nofollow">CoinGlass</a> showed bids thickening around $69,000 — a potential safety net should the market reverse.
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 <img src="https://s3.cointelegraph.com/uploads/2024-03/25e6fbad-a7a9-4a16-b62b-cd2fcd0b646c.png">
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 BTC liquidation heatmap (screenshot). Source: CoinGlass
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Further out, fellow trader CrypNuevo hoped for an attack on the final band of shorts around recent all-time highs at $74,000.
“Mid term: Liquidity at both sides but more likely to go for the upside liquidations at $74.1k because they're closer from current price,” he <a href="https://twitter.com/CrypNuevo/status/1772950583491678664" target="_blank" rel="noopener nofollow">reasoned</a> in part of an X post.
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 <img src="https://s3.cointelegraph.com/uploads/2024-03/159c6d81-6fc4-494b-926e-5a980243a2b4.png">
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 BTC liquidation heatmap for Binance. Source: CrypNuevo/X
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<h2 id="69-000-remains-key-point-on-the-btc-price-map">$69,000 remains key point on the BTC price map</h2>
With $68,500 coming back into play at the time of writing, popular trader Crypto Ed was among those calling for calm.
Related:&nbsp;<a href="https://cointelegraph.com/news/bitcoin-sell-side-liquidity-crisis-btc-move-2010">Bitcoin ‘sell-side liquidity crisis’ sees BTC move for the first time since 2010</a>
That price, he said in his latest YouTube video released on the day, would form a potentially suitable long entry and would not constitute a major corrective move.
“Not really sure if this next move is really a big one — $73,000 maybe,” he suggested about where BTC/USD could go thereafter.
A further correction could then set in before attacking the all-time highs.<iframe width="100%" height="315" src="https://www.youtube.com/embed/v3gfw6M6_CQ" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
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.

BTC price nears 2-week highs as volatility clears Bitcoin sell orders

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