Bitcoin

Material

Gains

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin (BTC) surged past the significant $69,000 mark on March 25.</li>
 <li>Despite the rise, some traders warn of potential volatility and retracement.</li>
</ul>
<p>Bitcoin’s value soared past the crucial $69,000 threshold at the start of the traditional financial week, indicating a strong recovery for the cryptocurrency.</p>
<h2 id="bitcoin-s-swift-gains">Bitcoin’s Swift Gains</h2>
<p>Data demonstrates a rapid increase for BTC/USD, peaking at $69,463 on Bitstamp. With an almost 3% rise on the day, <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> quickly compensated for the losses of the previous week.</p>
<p>Despite its status as the peak of the previous bull market cycle, the $69,000 mark still serves as a significant psychological barrier.</p>
<p>Popular trader, Skew, highlighted that substantial buy liquidity was located at $60,000, while significant resistance lay above the current record highs near $74,000. He suggested that “$74K will be a significant price area imo, both in terms of supply &amp; psychological,” and noted that “smaller spot bids” were gradually moving closer to the spot price.</p>
<h2 id="potential-volatility-ahead">Potential Volatility Ahead</h2>
<p>Meanwhile, Keith Alan, co-founder of trading resource Material Indicators, cautioned that a lack of nearby bid liquidity could jeopardize the current BTC price recovery.</p>
<p>Alan pointed to the monthly close as a potential volatility hotspot, arguing that a retracement could still occur despite his longer-term bullish bias. He emphasized the concentration of bid liquidity in the $58k – $60k range, which aligns perfectly with the 50-Day MA and would represent a 20% correction from the new ATH.</p>
<p>Data on liquidation underscored the risks for those on the wrong side of the Bitcoin trade. Monitoring resource CoinGlass reported that $50 million of BTC shorts were liquidated in the 24 hours leading up to the time of writing. A break above $70,600 would tap $500 million in short leverage.</p>

Battling the $69K Hurdle: Bitcoin Edges Towards Critical Liquidation Point

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