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? Well-liked market members weigh in as knowledge from Cointelegraph Markets Pro and TradingView exhibits 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 aspect 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 number of LONG liquidations round $84300! Shorts stacked close to 86500-87000. Know these ranges for cease losses!”

Information from monitoring useful resource CoinGlass at present places mixture 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 just isn't accomplished retesting ranges not seen since November final yr.

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

“$BTC seemingly heading for the MA help 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 under it since March 2023.

The 200-day SMA, in the meantime, can also be again on the radar as worth challenges it as help 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 true ground now lies at round $69,000.

Associated: Bitcoin gets March 25 'blast-off date' as US dollar hits 4-month low

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

The Lowest Value Ahead device provides 95% certainty that Bitcoin is not going to go any decrease. Its observe file is spectacular, having accurately 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 includes threat, and readers ought to conduct their very own analysis when making a choice.