Bitcoin (BTC) experienced a surge in volatility as short liquidations became overdue at the Wall Street open on March 27. BTC reached its highest level in nearly two weeks, hitting $71,754 on Bitstamp. However, it quickly corrected and dropped $1,300 in minutes, resulting in a total decline of over 4%. Bulls fought to flip the $69,000 zone into a support level. The latest data on flows for US spot Bitcoin exchange-traded funds (ETFs) showed positive signs, with a modest outflow of 1,300 BTC ($91 million) from the Grayscale Bitcoin Trust (GBTC). Market observers discussed the liquidation of short BTC positions, and bids were seen thickening around $69,000 as a potential safety net. Some traders hoped for an attack on the shorts around recent all-time highs at $74,000. The key price point to watch remained at $69,000, and popular trader Crypto Ed called for calm, suggesting that a potential long entry could be made at $68,500 without constituting a major corrective move.
Bitcoin's price approaches two-week highs as volatility eliminates sell orders for BTC.