Source: Cointelegraph Original: "{title}"
Bitcoin still faces the risk of dropping to $75,000, as the weak price trend of Bitcoin accelerates before the weekly close.
How low can it drop before finding a bottom? As data from Cointelegraph Markets Pro and TradingView shows, BTC/USD fell over 3% on March 9, prompting some well-known market participants to share their views.
Bitcoin Exhausts Buy Order Liquidity
As the weekly candle close approaches, the order books on exchanges have become a focal point for Bitcoin traders.
The liquidation levels on both sides of the spot price appear easily reachable, with BTC/USD dropping to $83,000, and bulls are already facing losses.
"The liquidation map shows: the whale hunting has begun!" well-known trader TheKingfisher wrote in a warning to fans on X that day.
"There are a lot of longs being liquidated around $84,300! Shorts are concentrated around $86,500-$87,000. Remember these stop-loss levels!"
Bitcoin Exchange Liquidity Data. Source: TheKingfisher/X
Data from monitoring resource CoinGlass shows that the cumulative liquidation amount in the cryptocurrency market over the past 24 hours has exceeded $300 million.
At the time of writing, the densest buy order liquidity across exchanges is slightly below $83,000, while the spot price is dangerously close to further declines.
BTC Liquidation Heatmap (screenshot). Source: CoinGlass
Will Bitcoin's price drop to $75,000 next?
Is the $78,000 low from February just the beginning?
The bearish view on Bitcoin's price suggests that the market's retest of levels not seen since last November is not yet over.
For well-known trader Mikybull Crypto, Bitcoin is likely to retest its 50-week simple moving average (SMA).
"Bitcoin is likely to drop towards the moving average support to find a potential local bottom," he predicted.
BTC/USD 1-week chart and 50-week simple moving average. Source: Mikybull Crypto/X
The last time BTC/USD was associated with the 50-week simple moving average was in September, but since March 2023, there has not been a weekly candle close below that average.
Meanwhile, the 200-day simple moving average is also back in focus, as the price challenges it as a support level for the first time since last October.
BTC/USD 1-week chart and 50-week, 200-day simple moving averages. Source: Cointelegraph/TradingView
$69,000 has a 95% chance of holding
As Cointelegraph reported last week, a historically accurate Bitcoin price mechanism suggests that the true bottom is currently around $69,000.
This would bring BTC/USD back to the historical high levels of 2021, marking a 37% retracement compared to the current price.
The "minimum price prediction tool" has a 95% confidence that Bitcoin will not drop lower. Its track record is impressive, having correctly predicted that BTC/USD would not return to $10,000 after September 2020.
Bitcoin Minimum Price Prediction Chart. Source: Timothy Peterson/X
This article does not contain investment advice or recommendations. Every investment and trading operation carries risks, and readers should conduct their own research when making decisions.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
