Bitcoin Liquidations Vanish As Trader Hopes $30K Will Hit Before Dip
Bitcoin (BTC) drifted lower on March 25 as eerily calm conditions saw liquidations evaporate.
Bitcoin Liquidations Vanish As Trader Hopes $30K Will Hit Before Dip
BTC/USD 1-hour candle chart (Binance). Source: TradingView
Bitcoin Liquidations Vanish As Trader Hopes $30K Will Hit Before Dip
Bitcoin in “slow chop” until Monday
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it focused on $27,500 at the time of writing.
Bitcoin Liquidations Vanish As Trader Hopes $30K Will Hit Before Dip
After losing $28,000 the day prior, weekend trading offered little by way of its usual volatility as traders hoped for a break before resumption of TradFi markets.
Bitcoin Liquidations Vanish As Trader Hopes $30K Will Hit Before Dip
“Looking like a slow chop around the CME close price so far,” Daan Crypto Trades wrote in part of Twitter commentary.
Bitcoin Liquidations Vanish As Trader Hopes $30K Will Hit Before Dip
“Not expecting too much to happen with BTC during the weekend after last week’s volatility.”
Bitcoin Liquidations Vanish As Trader Hopes $30K Will Hit Before Dip
Daan Crypto Trades referred to the closing price of CME Group Bitcoin futures markets, a level which could become significant in the event that volatility up or down appears before the start of the new week.
Related: BTC price centers on $28K as Deutsche Bank shares follow Credit Suisse
This would have the effect of producing a “gap” in futures market open and close prices, creating a potential target for spot BTC.
CME Bitcoin futures 1-day candle chart. Source: TradingView
An additional post delineated areas of order book liquidity, which could also act as support and resistance flip levels.
These #Bitcoin charts can look messy but it can be useful to mark out the potential liquidity area’s where stop losses may be positioned.
Breaking these levels could cause a little cascade into the next area.
We saw that on the way down already. pic.twitter.com/jM2LGrXnKj
— Daan Crypto Trades (@DaanCrypto) March 25, 2023
Fellow trader Crypto Tony conversely hoped that bulls could muster the strength for an attack on $30,000 before a deeper retracement.
“One more push up on declining volume up to $30,000 please,” he tweeted alongside a projection chart.
“I do expect a solid rejection from this area. With all the stuff going on, blasting through with one test just seems very unlikely.”BTC/USD annotated chart. Source: Crypto Tony/Twitter
Liquidations disappear
Liquidation data meanwhile showed the extent of the reduction in volatility on short timeframes, with short and long liquidations for March 25 totaling less than $5 million.
Related: Justin Sun vs. SEC, Do Kwon arrested, 180M player game taps Polygon: Asia Express
By contrast, March 22 saw Bitcoin liquidate over $120 million of positions, according to statistics from Coinglass.
Bitcoin liquidations chart. Source: Coinglass
Analyzing trader sentiment, trading suite Decentrader eyed what is described as a “pretty simple” long/short ratio increase , with spot price trending down.
Pretty simple.#Bitcoin Long Short ratio kept going up.
Price kept going down. https://t.co/scdgLPxo1v pic.twitter.com/OndWvLLgbK
— Decentrader (@decentrader) March 25, 2023
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