The previous all-time high for bitcoin set in 2021 turns out to be a magnet as bulls’ most recent rally comes to an end close to two-week highs.
At the Wall Street open on March 27, there was more volatility in Bitcoin as analysts noted that it was now past time for short liquidations.
TradingView data monitored the price movement of bitcoin as it reached $71,754, its highest level in almost two weeks, on Bitstamp.
Following a sharp reversal, BTC/USD fell $1,300 in a matter of minutes and went on to lose over 4% as bulls struggled to turn the crucial $69,000 zone into support.
The most recent information on flows for spot Bitcoin exchange-traded funds (ETFs) in the US stayed positive.
A small outflow of 1,300 BTC ($91 million) from the Grayscale Bitcoin Trust (GBTC) marked the start of Wall Street trade, following net inflows of over $400 million the day before.
The data came from popular trader Daan Crypto Trades and was uploaded on X (previously Twitter) by the crypto intelligence outfit Arkham.
In a subsequent post, he stated, “We’re indeed seeing some high volatility as well,” adding that the local highs had filled a sizable wall of buy orders for bitcoin.
Among market watchers, liquidating short Bitcoin positions was now a hot topic of conversation.
According to the most recent statistics from the on-chain tracking tool CoinGlass, bids have been strengthening around $69,000, providing a safety cushion in case the market turns south.
CrypNuevo, a fellow trader, anticipated an assault on the last group of shorts near the most recent all-time highs of $74,000.
He wrote in part of his X post, “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.”
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Popular trader Crypto Ed was among those urging calm, with $68,500 coming back into play as of this writing.
In his most recent YouTube video, which was posted that day, he stated that pricing would not be a significant corrective action and would instead form a possibly appropriate long entry.
“I’m not sure if this next move is really a big one – $73,000 maybe,” he said in reference to the potential future direction of BTC/USD.
Before hitting the record highs, there may be one more pullback.
Despite fluctuations and market dynamics, the pivotal figure on the Bitcoin price map remains steadfast at $69,000.
This price point has evolved into a significant benchmark for investors, analysts, and enthusiasts alike, symbolizing both the cryptocurrency’s potential and the challenges it faces.
Reaching $69,000 represents a significant milestone in Bitcoin’s journey, reflecting growing institutional adoption, heightened mainstream interest, and a maturing market ecosystem.
Furthermore, it underscores the cryptocurrency’s role as a store of value and a hedge against inflation in an increasingly uncertain global economic landscape.
However, the fixation on the $69,000 mark extends beyond its numerical value, encapsulating broader narratives surrounding Bitcoin’s trajectory.
For some, it represents a psychological barrier that, once breached, could signal further upward momentum and the potential for new all-time highs.
Conversely, others view it as a point of resistance, where heightened selling pressure and profit-taking activities may converge.
Regardless of one’s interpretation, the continued significance of $69,000 underscores the enduring fascination and speculation surrounding Bitcoin’s price movements, reinforcing its position as a focal point in the cryptocurrency market.
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