Bitcoin Bulls Losing Steam, Will Prices Crack $69,000?
Bitcoin is struggling to maintain the uptrend. After surging to as high as $69,000 on March 5, bulls have failed to follow through
Bitcoin is struggling to maintain the uptrend. After surging to as high as $69,000 on March 5, bulls have failed to follow through. At spot rates, BTC is down roughly 3% from all-time highs, but buyers are optimistic about more gains in the future.
Presently, BTC has failed to comprehensively close above the $68,000 level, and is changing hands at around $66,800 when writing. There were attempts for higher highs, but trading volumes are relatively light.
At the current valuation, BTC remains dominant. Trading volume dropped slightly to $43 billion on the last trading day. On March 7, trading volume stood at around $60 billion. What’s clear is that the total market cap is up $2.55 trillion, adding 2.4% when writing. This uptick points to general interest not only in Bitcoin but also in other altcoins.
As traders look to exploit price volatility, they should be aware of the following news events:
- If prices fall below $64,200, CoinGlass data shows that over $2 billion of long Bitcoin positions will be liquidated. Further losses below $60,000 will push those liquidations to over $2.3 billion. Conversely, any upswing above $69,210 would liquidate $1.31 billion in short positions. That tally will rise to over $1.57 billion if BTC soars above $70,000.
- The United States Securities and Exchange Commission (SEC) is postponing its decision on options trading of spot Bitcoin exchange-traded funds (ETFs). The Cboe Exchange, NASDAQ, and the Miami International Securities Exchange made the filing to the agency. By opening up options trading on spot Bitcoin ETFs, more institutional capital is expected to flow into the industry. The SEC has another 45 days to consider the filing.
Bitcoin Price Analysis
BTC/USD bulls remain in control. However, prices remain in a tight range, looking at the daily chart.
The immediate resistance is at $69,000, marking March 5 highs. Support is at $64,000—or February 28 highs on the lower end.
Traders can look to buy on dips, targeting $70,000. Losses below $64,000 might trigger a sell-off towards $53,000.
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