Bitcoin

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) broke above the key $69,000 at the March 25 Wall Street open as a BTC rebound gathered steam.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-03/006a378e-8c6d-43f4-9715-65c617fd2e9b.png">
 <figcaption style="text-align: center;">BTC/USD 1-hour chart. Source: TradingView
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<h2 id="bitcoin-starts-tradfi-week-with-resistance-rematch">Bitcoin starts "TradFi" week with resistance rematch</h2>
Data from <a href="https://subscription.cointelegraph.com/" rel="noopener noreferrer nofollow">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCGBP/?exchange=BINANCE" target="_blank" rel="noopener noreferrer nofollow">TradingView</a> tracked swift gains for BTC/USD, which reached $69,463 on Bitstamp.
Up nearly 3% on the day, Bitcoin wasted no time making up for the <a href="https://cointelegraph.com/news/btc-price-dip-17-5-week-bitcoin-etf-net-outflows-near-500m" rel="noopener noreferrer nofollow">previous week’s losses</a>.
The top of the previous cycle bull market, $69,000 nonetheless continued to act as a psychologically important line in the sand.
“Structurally price needs to close a HH above $69K with bullish momentum,” popular trader Skew wrote in part of his <a href="https://twitter.com/52kskew/status/1772265087862223273" target="_blank" rel="noopener noreferrer nofollow">latest market update</a> on X (formerly Twitter).
Skew noted that significant buy liquidity was situated only at $60,000, while major resistance was in place above current all-time highs near $74,000.
“$74K will be a significant price area imo, both in terms of supply &amp; psychological,” adding that “smaller spot bids” were now moving closer toward spot price.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-03/ddc7185c-4af9-40eb-8e07-99d415e19912.png">
 <figcaption style="text-align: center;">BTC/USD chart with trendlines. Source: Skew/X
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Adopting a conservative perspective, meanwhile, Keith Alan, co-founder of trading resource Material Indicators, warned that a lack of nearby bid liquidity could easily sour the current BTC price recovery.
“Last month Bitcoin closed ~$61.1k and if bulls can close above that level this month it would be an unprecedented 7th consecutive green M close for #BTCUSDT,” he <a href="https://twitter.com/KAProductions/status/1772261330650595735" target="_blank" rel="noopener noreferrer nofollow">told</a> X subscribers.
<blockquote>
 “I'm certainly not saying that it can't happen because it absolutely can, but I'm banking, err betting, on the fact that price will at least retest support before the M close.”
</blockquote>
Alan referred to the monthly close as a potential area of volatility, arguing that a retracement could still come despite his “fairly bullish” longer-term bias.
“With less than a week to go for the Monthly close and less than a month to go for the Halving, I'm watching to see if bids start moving up to push price to a green M close or if they continue to thin out in the range,” he wrote.
<blockquote>
 “If the latter happens, I'm focused on that concentration of bid liquidity in the $58k - $60k range which correlates perfectly with the 50-Day MA and would represent a 20% correction from the new ATH.”
</blockquote>
<figure><img src="https://s3.cointelegraph.com/uploads/2024-03/b0c96fc4-68dc-492e-ac52-518ca02bdd14.png">
 <figcaption style="text-align: center;">BTC/USD 1-month chart with 50-day simple moving average (SMA). Source: TradingView
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<h2 id="btc-liquidation-risk-mounts">BTC liquidation risk mounts</h2>
Liquidation data reinforced the stakes for those on the wrong side of the Bitcoin trade.
Related:&nbsp;<a href="https://cointelegraph.com/news/gbtc-outflows-incredible-demand-5-things-bitcoin-this-week" rel="noopener noreferrer nofollow">GBTC outflows meet ‘incredible demand’ ― 5 things to know in Bitcoin this week</a>
According to monitoring resource <a href="https://www.coinglass.com/pro/futures/LiquidationMap" target="_blank" rel="noopener noreferrer nofollow">CoinGlass</a>, $50 million of BTC shorts was liquidated in the 24 hours to the time of writing.
A break above $70,600, meanwhile, would tap $500 million in short leverage.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-03/4aa447d2-07d5-4e5d-b676-8e1d8ea0c154.png">
 <figcaption style="text-align: center;">Bitcoin exchange liquidation heatmap (screenshot). Source: CoinGlass
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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 battles for key $69K as Bitcoin nears short liquidation zone

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Cointelegraph

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