- In the short term, $68K remains the critical level to monitor.
- Bitcoin (BTC) is currently trading around $65K.
Bitcoin’s recent price action has shifted the liquidity landscape. During the decline below $60K, a significant amount of downside liquidity was absorbed as stop-loss orders and leveraged positions were cleared from the market. With the February low now swept, much of the immediate selling pressure beneath current prices has been addressed.
As a result, liquidity is increasingly concentrated at higher levels, making $68K the most crucial area to watch in the near term. On the downside, the $60K area still represents a notable support area. Traders are keeping an eye on the $74K and $78K levels in the future. If Bitcoin is able to regain higher ground and positive momentum keeps growing, these regions might become important targets.
As per CMC data, Bitcoin, the dominant asset, trades at around $65,312. Besides, the daily trading volume has dropped by over 23.56%, likely reaching the $24.12 billion mark. Volatile market moves forced $58.21 million in total Bitcoin liquidations over the past 24 hours.
If Bitcoin bears get nurtured well, the price might fall to a crucial support range at around $65,202. With more pressure on the downside, the death cross emerges and takes the price even lower, below $65,112. Upon a bullish turn takes place, the BTC price would rise to a resistance level at $65,481. Assuming the upside pressure is gaining more traction, the price might climb toward $65,591, along with the golden cross.
Bitcoin’s Market Momentum: Should Traders Expect Further Declines?
The signal line is below the Moving Average Convergence Divergence (MACD) line, but both lines are above the zero line. It implies that the momentum is waning, yet the upswing is going strong. The BTC market may enter a consolidation zone, nevertheless, as the buying pressure has lessened.
Bitcoin’s Chaikin Money Flow (CMF) indicator reading of 0.15 indicates solid buying pressure and a steady capital inflow. The buyers are accumulating the asset, and it reflects consistent demand. It supports a bullish outlook and is likely to help sustain the current price trend.
In addition, the daily Relative Strength Index (RSI) found at 47.07 points out to neutral to slightly bearish momentum. As it sits below the 50 mark, there is no strong downside pressure. BTC is neither overbought nor oversold, with a balanced market with weak directional momentum.
BTC’s Bull Bear Power (BBP) value at -908.04 shows extremely strong bearish pressure. Sellers are dominating the market with significant force. Furthermore, the market is under heavy pressure, and any recovery attempt would require a substantial shift in buying interest to change the trend.
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