Bitcoin slides another 3% — Is BTC price headed for $69K next?
Bitcoin (BTC) continues to exhibit signs of potential weakness, with concerns mounting regarding a possible decline to $75,000 as the weekly close approaches. Marked price fluctuations prompt speculation on how low BTC may dip before establishing a solid bottom, as analysts and traders share their insights based on current data from Cointelegraph Markets Pro and TradingView which indicates a decrease of over 3% on March 9.
Bitcoin Eats Through Bid Liquidity
As Bitcoin traders watch the order books closely, indicators point towards a critical area of bid liquidity forming ahead of the weekly candle close. Currently, liquidation levels on both sides of the spot price convey a ripe environment for market movements, especially as BTC/USD hovers around $83,000.
A prominent trader, TheKingfisher, cautioned his followers on X, remarking, “Liquidation map says: Whales hunting stops!” He highlighted significant long liquidations clustered around $84,300, with short positions positioned near the $86,500 to $87,000 range. Data from CoinGlass shows aggregate crypto liquidations surpassing $300 million in the last 24 hours, emphasizing the tenuous state of current market dynamics as the spot price teeters on the edge of a further drop.
$75,000 BTC Price Dip Next?
Traders are pondering if February’s lows around $78,000 might just be the beginning of further declines. A bearish outlook suggests the market may not have exhausted its capacity to revisit levels unseen since late 2022. According to Mikybull Crypto, a respected trader in the space, Bitcoin could soon see a retest of its 50-week simple moving average (SMA), stating, “$BTC likely heading for the MA support for a potential local bottom.”
The 50-week SMA was last tested in September, with Bitcoin having successfully closed above this level on a weekly basis since March 2023. The anticipation of touching the 200-day SMA has also resurfaced as the price seeks support at levels last seen in October.
95% Odds That $69,000 Will Hold
Recent expert analysis indicates that Bitcoin’s fundamental support level may rest at approximately $69,000. As Cointelegraph reported, a historically reliable BTC price indicator suggests a strong likelihood that the cryptocurrency will not dip below this mark. This prediction would imply a return to its former 2021 all-time high and could mark a significant 37% correction from current price levels.
The Lowest Price Forward tool has shown an impressive track record, maintaining a 95% confidence level that Bitcoin would not revisit the $10,000 threshold after a critical period in late 2020. As the market remains unpredictable, traders continue to watch these levels closely, preparing for potential volatility ahead.
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.
