BTC Price Surges as Volatility Clears Sell Orders

Bitcoin experienced significant volatility when Wall Street opened on March 27 as experts anticipated long-awaited liquidations of short positions. BTC reached its highest levels in almost two weeks, hitting $71,754 on Bitstamp. The price quickly dropped by $1,300 within minutes, resulting in a total decline of over 4%. Despite this, bulls fought to maintain the $69,000 support level. The latest data from the United States spot Bitcoin exchange-traded funds (ETFs) indicated positive trends. Following net inflows of over $400 million on the previous day, there was a modest outflow of 1,300 BTC ($91 million) from the Grayscale Bitcoin Trust (GBTC) as Wall Street trading began. Crypto intelligence firm Arkham shared these figures on social media through trader Daan Crypto Trades.

Trader Daan Crypto Trades also observed that high volatility was evident and emphasized that the recent price spike had triggered a significant number of sell orders for BTC. The discussion among market observers shifted towards the liquidation of short BTC positions. CoinGlass, an on-chain monitoring resource, released data showing increased demand for BTC at the $69,000 level, suggesting it could act as a support level if the market reversed. Another trader, CrypNuevo, expressed hope for a breakthrough of the significant resistance level at recent all-time highs of $74,000, considering it a potentially profitable long opportunity.

Popular trader Crypto Ed remained composed amidst the volatility, stating in his YouTube video that the price level of $68,500 could serve as a suitable entry point for long positions and would not signify a major correction. He speculated that BTC/USD could potentially reach $73,000 in the next move. He warned that a further correction may occur before attempting to break the all-time highs.

Lex Cornwall

Lex Cornwall

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