Bitcoin Surges Past Key $69,000 Mark Amid Swift Recovery and Liquidity Concerns
Summary:
On March 25, Bitcoin (BTC) breached the crucial $69,000 mark during the Wall Street open, considerably recuperating from the prior week's losses. Renowned trader Skew noted substantial buy liquidity was only at $60,000 with major resistance above all-time highs near $74,000. Keith Alan of Material Indicators advised caution due to lack of nearby bid liquidity that could jeopardize the ongoing BTC revival. He also highlighted the potential of the monthly close as a volatility hotspot, suggesting a retracement might still occur despite moderate long-term bullish sentiments. CoinGlass reported liquidation of $50 million of BTC shorts in the last 24 hours.
Bitcoin (BTC) successfully soared past the crucial $69,000 mark during the Wall Street open on March 25 as the BTC comeback gathered pace. The data from Cointelegraph Markets Pro, together with TradingView, recorded rapid gains for BTC/USD, peaking at $69,463 on Bitstamp. With a near 3% increase on the day, Bitcoin quickly recuperated from the losses of the prior week.
The $69,000 mark still played a psychologically significant role, marking the pinnacle of the previous bullish market cycle. Well-known trader Skew in his recent market update on X (formerly known as Twitter) mentioned the imperative nature of price closing a HH above $69K bolstered by bullish momentum. Skew articulated that the major buy liquidity was only positioned at $60,000, while major resistance was consolidated above current record highs near $74,000.
Skew added, “$74K will be an influential price zone, both in terms of supply and psychology,” implying that “smaller spot bids” were now progressively nearing the spot price. Keith Alan, co-founder of trading resource Material Indicators, adopting a cautious viewpoint, cautioned that the absence of nearby bid liquidity might potentially jeopardize the ongoing BTC price revival.
“Last month, Bitcoin closed at approximately $61.1k, and if bulls can exceed that level this month, it would be an unparalleled seventh straight green M close for #BTCUSDT,” he stated to his X subscribers. “I'm not stating it's improbable as it totally could happen, but I'm wagering that the price will most likely reassess support before the M close.”
Alan pointed to the monthly close as a possible volatility hotspot, suggesting a retracement might still occur despite his moderately “bullish” long-term inclination. However, as the monthly close looms with less than a week to go and less than a month remaining until Halving, he emphasized monitoring whether bids start ascending to push the price towards a green M close or continue thin out.
“If the latter occurs, I'm focusing on that condensed bid liquidity within the $58k - $60k range. This perfectly aligns with the 50-Day MA and signifies a 20% correction from the new ATH," he indicated.
Liquidation data emphasized peril for those not in favor of the Bitcoin trade. CoinGlass, a monitoring resource, reported that $50 million of BTC shorts got liquidated in the last 24 hours. A surge above $70,600 would consequently unleash $500 million in short leverage.
This news piece does not extend investment guidance or suggestions. Every investment and trading action incorporates risk, enforcing readers to undertake their own investigation while formulating decisions.
Published At
3/25/2024 6:10:09 PM
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