Bitcoin (BTC) broke above the key $69,000 at the March 25 Wall Street open as a BTC rebound gathered steam.
Bitcoin starts "TradFi" week with resistance rematch
Data from Cointelegraph Markets Pro and TradingView tracked swift gains for BTC/USD, which reached $69,463 on Bitstamp.
Up nearly 3% on the day, Bitcoin wasted no time making up for the previous week’s losses.
The top of the previous cycle bull market, $69,000 nonetheless continued to act as a psychologically important line in the sand.
“Structurally price needs to close a HH above $69K with bullish momentum,” popular trader Skew wrote in part of his latest market update on X (formerly Twitter).
Skew noted that significant buy liquidity was situated only at $60,000, while major resistance was in place above current all-time highs near $74,000.
“$74K will be a significant price area imo, both in terms of supply & psychological,” adding that “smaller spot bids” were now moving closer toward spot price.
Adopting a conservative perspective, meanwhile, Keith Alan, co-founder of trading resource Material Indicators, warned that a lack of nearby bid liquidity could easily sour the current BTC price recovery.
“Last month Bitcoin closed ~$61.1k and if bulls can close above that level this month it would be an unprecedented 7th consecutive green M close for #BTCUSDT,” he told X subscribers.
“I'm certainly not saying that it can't happen because it absolutely can, but I'm banking, err betting, on the fact that price will at least retest support before the M close.”
Alan referred to the monthly close as a potential area of volatility, arguing that a retracement could still come despite his “fairly bullish” longer-term bias.
“With less than a week to go for the Monthly close and less than a month to go for the Halving, I'm watching to see if bids start moving up to push price to a green M close or if they continue to thin out in the range,” he wrote.
“If the latter happens, I'm focused on that concentration of bid liquidity in the $58k - $60k range which correlates perfectly with the 50-Day MA and would represent a 20% correction from the new ATH.”
BTC liquidation risk mounts
Liquidation data reinforced the stakes for those on the wrong side of the Bitcoin trade.
Related: GBTC outflows meet ‘incredible demand’ ― 5 things to know in Bitcoin this week
According to monitoring resource CoinGlass, $50 million of BTC shorts was liquidated in the 24 hours to the time of writing.
A break above $70,600, meanwhile, would tap $500 million in short leverage.
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