It is with no small measure of trepidation that we observe the current state of Bitcoin (BTC), which appears to be teetering on the precipice of a most unfortunate decline towards the sum of $75,000. Indeed, the price of this digital currency seems to be succumbing to a most alarming weakness as we approach the weekly close, leaving many a trader in a state of dismay.
Pray tell, how low might the price of BTC descend before it finds a semblance of stability? Esteemed market participants have taken it upon themselves to ponder this very question, as data from the illustrious CryptoMoon Markets Pro and TradingView reveals a decline of over 3% in BTC/USD on the ninth day of March.
Bitcoin Consumes Bid Liquidity with Gusto
As the weekly candle close draws near, the exchange order books have become a veritable theatre of intrigue for Bitcoin traders. The liquidation levels on either side of the spot price appear to be ripe for the plucking, with longs already feeling the pinch as BTC/USD languishes at a rather disheartening $83,000.
“The liquidation map doth proclaim: Whales are on the hunt!” quoth the popular trader known as TheKingfisher, issuing a warning to his followers on the platform X.
“A plethora of LONG liquidations await around $84,300! Shorts are stacked near $86,500-87,000. Do take heed of these levels for your stop losses!”
According to the ever-watchful CoinGlass, the aggregate liquidations in the crypto realm over the past 24 hours have exceeded a staggering $300 million. One can only imagine the collective gasp of disbelief from traders as they witness such calamity.
At the time of this writing, the thickest bid liquidity across exchanges was precariously positioned just below $83,000, with the spot price dangerously close to breaching lower still. Oh, the suspense!
Is a Dip to $75,000 on the Horizon?
Could it be that the lows of February, which saw Bitcoin plummet to $78,000, are merely the beginning of a most unfortunate saga?
A bearish sentiment suggests that the market is not yet finished with its retesting of levels that have not graced our presence since the previous November. The esteemed trader Mikybull Crypto posits that there exists a distinct possibility that Bitcoin shall revisit its 50-week simple moving average (SMA).
“$BTC is likely to head towards the MA support, in search of a potential local bottom,” he has boldly predicted.
It is worth noting that BTC/USD last engaged with the 50-week SMA in September, yet has managed to avoid a weekly candle close beneath it since March of the year 2023. A remarkable feat, indeed!
Meanwhile, the 200-day SMA has also re-entered the conversation, as the price challenges it as support for the first time since the month of October.
95% Certainty That $69,000 Will Prevail
As reported by the ever-reliable CryptoMoon last week, a historically accurate mechanism concerning BTC prices suggests that the true floor now resides at approximately $69,000. How quaint!
This would return BTC/USD to its former glory of the 2021 all-time high, marking a rather impressive 37% correction from its current state. One can only marvel at the audacity of such fluctuations!
The Lowest Price Forward tool, with its impressive track record, offers a 95% certainty that Bitcoin shall not descend any further. It has previously asserted that BTC/USD would never revisit the sum of $10,000 after the month of September in 2020. A bold claim, indeed!
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2025-03-09 19:36