Bitcoin Dips Another 3% — Is BTC Targeting $69K Next?

The danger of a Bitcoin (BTC) crash to $75,000 stays as weak point in BTC costs intensifies with the weekly shut approaching.

How low may BTC worth actions go earlier than hitting a backside? Notable market figures provide their opinions as knowledge from Cointelegraph Markets Professional and TradingView point out that BTC/USD has dropped over 3% on March 9.

Bitcoin Depletes Bid Liquidity

Because the weekly candle shut approaches, alternate order books are producing important curiosity amongst Bitcoin merchants.

Liquidation ranges surrounding the spot worth seem prime for exploitation, with longs already struggling as BTC/USD declines to $83,000.

“The liquidation map signifies: Whales are looking for stops!” warned widespread dealer TheKingfisher to followers on X.

“Quite a few LONG liquidations close to $84,300! Shorts piled up round $86,500-$87,000. Preserve these ranges in thoughts for cease losses!”

In line with monitoring instrument CoinGlass, whole liquidations within the crypto market over the previous 24 hours exceed $300 million.

Probably the most substantial bid liquidity throughout exchanges was slightly below $83,000 on the time of writing, with the spot worth perilously near breaking decrease.

Is a $75,000 BTC Value Dip Subsequent?

Might the multimonth lows of $78,000 noticed in February be just the start?

A bearish outlook on BTC costs means that the market continues to be poised to retest ranges unseen since November of final 12 months.

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

“$BTC is probably going heading towards the MA assist, indicating a possible native backside,” he forecasted.

The final interplay of BTC/USD with the 50-week SMA occurred in September, and it has managed to keep away from a weekly candle shut beneath since March 2023.

Concurrently, the 200-day SMA can be attracting consideration as the worth challenges it as assist for the primary time since October.

95% Odds That $69,000 Will Maintain

As reported by Cointelegraph final week, a traditionally dependable BTC worth evaluation signifies that the precise flooring now lies close to $69,000.

Associated: Bitcoin targets March 25 ‘blast-off date’ as US greenback reaches a 4-month low

This state of affairs would convey BTC/USD again to its earlier all-time excessive of 2021, representing a 37% correction primarily based on present costs.

The Lowest Value Ahead instrument gives 95% certainty that Bitcoin received’t dip beneath this stage, a prediction that has confirmed correct previously, similar to when it forecasted BTC/USD would by no means revisit $10,000 after September 2020.

This text shouldn’t be construed as funding recommendation or suggestions. All investments and buying and selling actions carry threat, and readers ought to conduct their very own analysis earlier than making any choices.