Bitcoin Price Dip: Could BTC Hit $69K?
Bitcoin Price Weakness Accelerates
Bitcoin (BTC) experienced a 3% drop on March 9th, fueling concerns about a potential crash. While some predict a retest of February's lows near $78,000, others point to a possible floor around $69,000.
Exchange Order Book Analysis
The current market situation shows significant liquidation levels near the spot price, with longs already facing losses as BTC/USD falls. Data from Coinglass reveals over $300 million in 24-hour crypto liquidations, indicating substantial market pressure.
Trader analysis, like that from TheKingfisher, highlights critical support and resistance levels. $84,300 shows high long liquidation levels, while shorts are concentrated between $86,500 and $87,000. This information is crucial for setting appropriate stop-loss orders.
Technical Indicators and Predictions
Several technical indicators are coming into play:
- 50-Week Simple Moving Average (SMA): Trader Mikybull Crypto predicts a potential local bottom near this support level, which was last tested in September.
- 200-Day SMA: Bitcoin is challenging this support level, adding another layer to the current price action.
Despite the bearish outlook, a historically accurate Bitcoin price mechanism suggests a high probability (95%) that $69,000 will act as a floor, according to the Lowest Price Forward tool. This would represent a 37% correction from current levels.
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Disclaimer: This article is for informational purposes only and does not constitute financial advice. Conduct thorough research before making any investment decisions.