Ah, Bitcoin! The capricious darling of the digital realm, frolicking up 3% after a series of melancholic drawdowns since the end of January. Like a phoenix, it managed to rise above the $80,000 mark after a brief dalliance below that range on March 11. 🦅
On March 12, the US core Consumer Price Index (CPI) surprised us all, coming in lower than expected at a mere 3.1%. This delightful twist in the plot has led Bitcoin’s market structure to whisper sweet nothings of a potential bullish turnaround. 📈
Bitcoin liquidity clusters at $84K-$85K
After a dramatic tumble on March 9, Bitcoin (BTC) decided to test the overhead resistance zone between $84,000 and $85,000 not once, not twice, but thrice! Traders, in a frenzy, began to build short positions like children stacking blocks, unaware of the impending collapse. 🏗️
Liquidation heatmap data revealed a staggering $300 million in short positions nestled in this price region, all poised for liquidation should the price dare to breach the $85,000 resistance. Talk about a financial game of Jenga! 🎲
With a dearth of downside liquidity below $77,000, the probability of BTC gallivanting toward upside liquidity has increased. Triggering those liquidations above $85,000 could ignite a bullish bonfire, allowing Bitcoin to form a higher high and transform this level into a new support. 🔥
Moreover, a CME Bitcoin futures gap from the previous weekend remains unfilled between $85,000 and $86,000. With a 100% record of six gaps filled in the past four months, this setup tantalizingly increases the chances of flipping the overhead resistance into support at $85,000. 🌀
If the stars align, the next major resistance lies at $90,000, which could liquidate over $1.6 billion in short positions, leading to a retest of the $95,000 resistance level above—a delightful 12% jump from the current price. 🎉
Bitcoin analyst Mark Cullen, ever the cautious oracle, echoed a similar outlook but warned that the price continues to move “correctively,” hinting at further sideways movement before a short squeeze. 🐢
In contrast, Valeria, a crypto analyst and funded trader, suggested that BTC is showing signs of distribution near the $85,000 range, which is short-term bearish. She ominously noted that the BTC price might thread lower below $80,000 before a bullish breakout occurs. 🐇
Coinbase, Binance diverge on orderbook trends
Spot traders on Binance have been selling aggressively over the past few days, with selling pressure peaking during the local lows at $76,650. It’s like watching a game of musical chairs, but with more panic and fewer seats! 🎶
Conversely, Coinbase spot buyers placed bids here, leading to BTC’s rebound above $80,000. A classic case of “you say tomato, I say to-mah-to.” 🍅
On March 12, a similar discrepancy was observed, with Binance spot traders selling near the $85,000 resistance, while Coinbase traders valiantly defended the price at $81,000 during the early US trading session, avoiding further downside. 🛡️
While Coinbase has led BTC’s rally in the past, this opposing stance between the two leading exchanges might slow BTC’s momentum to move swiftly through the resistance levels. 🐌
Thus, for Bitcoin to reclaim higher highs at $85,000, $90,000, and $95,000
Read More
- ZK PREDICTION. ZK cryptocurrency
- Invincible Season 4: What We Know About Release Date and Plot Speculation!
- INJ PREDICTION. INJ cryptocurrency
- NYM PREDICTION. NYM cryptocurrency
- ONT PREDICTION. ONT cryptocurrency
- HBAR PREDICTION. HBAR cryptocurrency
- TRB PREDICTION. TRB cryptocurrency
- EUR INR PREDICTION
- COW PREDICTION. COW cryptocurrency
- DGB PREDICTION. DGB cryptocurrency
2025-03-13 13:05