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

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

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

Bitcoin eats by means of bid liquidity

Alternate 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 worth 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 at present 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 worth dangerously near breaking decrease.

$75,000 BTC worth dip subsequent?

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

A bearish BTC worth take means that the market will not be completed 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 seemingly 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 averted a weekly candle shut under it since March 2023.

The 200-day SMA, in the meantime, can also be again on the radar as worth 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 worth mechanism means that the actual 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This might take BTC/USD again to its outdated 2021 all-time excessive and mark a 37% correction versus its present one.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 Worth Ahead device provides 95% certainty that Bitcoin won’t go any decrease. Its monitor document is spectacular, having appropriately acknowledged 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 threat, and readers ought to conduct their very own analysis when making a call.