---
title: "BTC price battles for key $69K as Bitcoin nears short liquidation zone"
url: https://diffcoin.com/btc-price-battles-for-key-69k-as-bitcoin-nears-short-liquidation-zone/
description: "Bitcoin (BTC) broke above the key $69,000 at the March 25 Wall Street open as a BTC rebound gathered steam.BTC/USD 1-hour chart. Source:…"
published: 2024-03-25
updated: 2024-03-25
author: "Mila"
site: "Diffcoin"
---

# BTC price battles for key $69K as Bitcoin nears short liquidation zone

Bitcoin (BTC) broke above the key $69,000 at the March 25 Wall Street open as a BTC rebound gathered steam.

*BTC/USD 1-hour chart. Source: TradingView*

## Bitcoin starts “TradFi” week with resistance rematch

Data from Cointelegraph Markets Pro and TradingView tracked swift gains for BTC/USD, which reached $69,463 on Bitstamp.

Up nearly 3% on the day, Bitcoin wasted no time making up for the previous week’s losses.

The top of the previous cycle bull market, $69,000 nonetheless continued to act as a psychologically important line in the sand.

“Structurally price needs to close a HH above $69K with bullish momentum,” popular trader Skew wrote in part of his [latest market update](https://twitter.com/52kskew/status/1772265087862223273) on X (formerly Twitter).

Skew noted that significant buy liquidity was situated only at $60,000, while major resistance was in place above current all-time highs near $74,000.

“$74K will be a significant price area imo, both in terms of supply & psychological,” adding that “smaller spot bids” were now moving closer toward spot price.

*BTC/USD chart with trendlines. Source: Skew/X*

Adopting a conservative perspective, meanwhile, Keith Alan, co-founder of trading resource Material Indicators, warned that a lack of nearby bid liquidity could easily sour the current BTC price recovery.

“Last month Bitcoin closed ~$61.1k and if bulls can close above that level this month it would be an unprecedented 7th consecutive green M close for #BTCUSDT,” he [told](https://twitter.com/KAProductions/status/1772261330650595735) X subscribers.

> “I’m certainly not saying that it can’t happen because it absolutely can, but I’m banking, err betting, on the fact that price will at least retest support before the M close.”

Alan referred to the monthly close as a potential area of volatility, arguing that a retracement could still come despite his “fairly bullish” longer-term bias.

“With less than a week to go for the Monthly close and less than a month to go for the Halving, I’m watching to see if bids start moving up to push price to a green M close or if they continue to thin out in the range,” he wrote.

> “If the latter happens, I’m focused on that concentration of bid liquidity in the $58k – $60k range which correlates perfectly with the 50-Day MA and would represent a 20% correction from the new ATH.”

*BTC/USD 1-month chart with 50-day simple moving average (SMA). Source: TradingView*

## BTC liquidation risk mounts

Liquidation data reinforced the stakes for those on the wrong side of the Bitcoin trade.

***Related: GBTC outflows meet ‘incredible demand’ ― 5 things to know in Bitcoin this week***

According to monitoring resource CoinGlass, $50 million of BTC shorts was liquidated in the 24 hours to the time of writing.

A break above $70,600, meanwhile, would tap $500 million in short leverage.

*Bitcoin exchange liquidation heatmap (screenshot). Source: CoinGlass*

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

[Source link](https://cointelegraph.com/news/btc-price-69k-bitcoin-short-liquidation-zone)