Bitcoin (BTC) surged above the key $69,000 level at the Wall Street open on March 25, signaling a strong rebound for the cryptocurrency. BTC/USD reached $69,463 on Bitstamp, gaining nearly 3% in a single day. This rapid recovery comes after Bitcoin experienced losses in the previous week. Despite its previous bull market peak, $69,000 continues to be a significant psychological barrier for Bitcoin. Traders have noted that Bitcoin needs to close above this level with bullish momentum to confirm a positive trend. However, there is a lack of buy liquidity around $60,000, and major resistance is expected near the all-time high of $74,000. Keith Alan, co-founder of trading resource Material Indicators, cautioned that the current recovery could be short-lived if there is not enough bid liquidity nearby. He emphasized the importance of Bitcoin’s monthly close, stating that a retracement is still possible despite his overall bullish outlook. Liquidation data also highlights the risks involved in Bitcoin trading, with $50 million of BTC shorts liquidated in a 24-hour period. Breaking above $70,600 could trigger $500 million in short leverage. As always, readers should conduct their own research before making any investment decisions.
Bitcoin price hovers around critical $69K as BTC approaches zone of potential liquidation