Bitcoin’s Wild Ride: Will It Soar or Plummet? 🚀💸

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  • Oh dear! The Bitcoin weekly session closed well below a whopping $92k, which means the mood was as gloomy as a rainy day in a Roald Dahl story.
  • The liquidation heatmap, like a naughty little imp, pointed out a key bearish target that could mark the bottom of this downward spiral.

Bitcoin [BTC] was tumbling down the price charts like a clumsy giant. The $92k level, once a proud fortress, has now turned into a pesky little resistance that just won’t budge!

Last weekend, the bulls tried to charge in, but alas! They were sent packing, and the trend was firmly in the bearish camp. 🐻

There was on-chain evidence of long-term holders distributing their treasures since the $60k level was breached. Analyst Axel Adler noted that the distribution’s intensity has dropped, like a balloon losing air. 🎈

But is that enough to stop Bitcoin from nosediving to $70k? Only time will tell!

Momentum and volume indicate further downside

The weekly session closed at a mere $80.7k, just above the 50% retracement level at $79.3k. The large losses after the repeated tests of the $92k support from December to February highlighted bullish exhaustion, like a tired old dog. 🐶

To the south, the $72k region was the next target, as both the MACD and OBV were waving their bearish flags high and proud.

There’s a glimmer of hope that BTC might bounce back to collect some liquidity around $87k. But let’s be honest, any further gains seem as likely as finding a unicorn in your backyard. 🦄

The Fibonacci levels, plotted like a treasure map from $49k to $109.6k (August to January), showed that the price was just above the 50% retracement level. This could mean a short-term price bounce is possible, but don’t hold your breath!

The 3-month liquidation heatmap revealed that the closest magnetic zones were at $100k and $72k. The southward liquidity cluster began at $76.8k, making the $72k-$76k region a potential spot for a bullish reversal. Or maybe just a mirage in the desert of despair!

Until then, swing traders need to keep their bearish hats on. The market-wide sentiment was as gloomy as a stormy night. Investors can wait for the BTC reaction at $72k to see if their bias should shift to a more cheerful bullish outlook. 🌈

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2025-03-10 16:10