April 19, 2024
Bitcoin's at $69,749, Soars Over $69K on Wall Street Opening
Bitcoin price today

Bitcoin’s at $69,749, Soars Over $69K on Wall Street Opening

Monday, March 25, 2024: Bitcoin price is at $69,749, made a significant move as it surged above the key level of $69,000 during the Wall Street opening on March 25th. This rebound in Bitcoin’s price gathered momentum, with data from Markets Pro and TradingView showing rapid gains for BTC/USD, reaching $69,463 on Bitstamp. Despite recent losses, Bitcoin climbed nearly 3% on the day, indicating a strong recovery.

BTC/USD 1-hour chart. Source: TradingView

Key Resistance and Support Levels

The $69,000 mark, although part of the previous cycle’s bull market, continued to hold significance as a psychological barrier for Bitcoin traders. Analysts noted the importance of breaking above this level with bullish momentum.

Skew, a popular trader, emphasized the need for Bitcoin’s price to close higher highs above $69,000. However, he also highlighted that significant buy liquidity was primarily at $60,000, with major resistance anticipated above current all-time highs near $74,000. This resistance level was considered significant both in terms of supply and psychological impact.

BTC/USD chart with trendlines. Source: Skew/X

Market Perspectives and Potential Volatility

While some analysts expressed optimism about Bitcoin’s price recovery, others adopted a more conservative stance. Keith Alan, co-founder of trading resource Material Indicators, cautioned about the lack of nearby bid liquidity, which could potentially dampen the ongoing price recovery.

BTC/USD 1-month chart with 50-day simple moving average (SMA). Source: TradingView

He mentioned the possibility of Bitcoin experiencing a retracement, particularly highlighting the monthly close as a period of potential volatility. Despite maintaining a fairly bullish longer-term bias, Alan emphasized the importance of monitoring bid liquidity and the $58,000 – $60,000 range, which aligns with the 50-day Moving Average and could represent a 20% correction from the new all-time high.

Liquidation Data and Market Dynamics

The stakes in the Bitcoin market were underscored by liquidation data, indicating the consequences for traders on the wrong side of the trade. CoinGlass reported that $50 million worth of BTC shorts were liquidated within 24 hours. Additionally, a break above $70,600 was projected to trigger liquidation of $500 million in short leverage, highlighting the significant impact of price movements on market dynamics.

Bitcoin exchange liquidation heatmap (screenshot). Source: CoinGlass

Image by pvproductions on Freepik

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