Bitcoin slides one other 3% — Is BTC value headed for $69K subsequent?

Bitcoin (BTC) nonetheless dangers a crash to $75,000 as BTC value weak point accelerates into the weekly shut.

How low can BTC value motion go earlier than discovering a backside? Fashionable market contributors weigh in as information from Cointelegraph Markets Professional and TradingView exhibits BTC/USD down over 3% on March 9.

Bitcoin eats by way of bid liquidity

Change order books are forming an space of intense curiosity amongst Bitcoin merchants because the weekly candle shut nears.

Liquidation ranges on both facet of the spot value look ripe for the taking, with longs already paying as BTC/USD sags to $83,000.

“Liquidation map says: Whales searching stops!” widespread dealer TheKingfisher wrote in a warning to X followers on the day.

“A lot of LONG liquidations round $84300! Shorts stacked close to 86500-87000. Know these ranges for cease losses!”

Knowledge from monitoring useful resource CoinGlass presently places combination 24-hour crypto liquidations at over $300 million.

The thickest bid liquidity throughout exchanges stood at slightly below $83,000 on the time of writing, with the spot value dangerously near breaking decrease.

$75,000 BTC value dip subsequent?

May February’s multimonth lows of $78,000 be simply the beginning?

A bearish BTC value take means that the market is just not executed retesting ranges not seen since November final 12 months.

For widespread dealer Mikybull Crypto, there’s a clear likelihood that Bitcoin will retest its 50-week easy shifting common (SMA).

“$BTC doubtless heading for the MA assist for a possible native backside,” he predicted.

BTC/USD final interacted with the 50-week SMA in September however has prevented a weekly candle shut beneath it since March 2023.

The 200-day SMA, in the meantime, can also be again on the radar as value challenges it as assist for the primary time since October.

95% odds that $69,000 will maintain

As Cointelegraph reported final week, a traditionally correct BTC value mechanism means that the true flooring now lies at round $69,000.

Associated: Bitcoin will get March 25 ‘blast-off date’ as US greenback hits 4-month low

This might take BTC/USD again to its outdated 2021 all-time excessive and mark a 37% correction versus its present one.

The Lowest Value Ahead instrument provides 95% certainty that Bitcoin is not going to go any decrease. Its monitor file is spectacular, having accurately said that BTC/USD would by no means revisit $10,000 after September 2020.

This text doesn’t include funding recommendation or suggestions. Each funding and buying and selling transfer entails danger, and readers ought to conduct their very own analysis when making a choice.