Bitcoin liquidations vanish as trader hopes $30K will hit before dip

Bitcoin liquidations vanish as trader hopes $30K will hit before dip

Time Stamp: March 25, 2023 9:40 AM
Source Node: 2030419

Bitcoin (BTC) drifted lower on March 25 as eerily calm conditions saw liquidations evaporate.

BTC/USD 1-hour candle chart (Binance). Source: TradingView

Bitcoin in “slow chop” until Monday

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it focused on $27,500 at the time of writing.

After losing $28,000 the day prior, weekend trading offered little by way of its usual volatility as traders hoped for a break before resumption of TradFi markets.

“Looking like a slow chop around the CME close price so far,” Daan Crypto Trades wrote in part of Twitter commentary.

“Not expecting too much to happen with BTC during the weekend after last week’s volatility.”

Daan Crypto Trades referred to the closing price of CME Group Bitcoin futures markets, a level which could become significant in the event that volatility up or down appears before the start of the new week.

Related: BTC price centers on $28K as Deutsche Bank shares follow Credit Suisse

This would have the effect of producing a “gap” in futures market open and close prices, creating a potential target for spot BTC.

CME Bitcoin futures 1-day candle chart. Source: TradingView

An additional post delineated areas of order book liquidity, which could also act as support and resistance flip levels.

Fellow trader Crypto Tony conversely hoped that bulls could muster the strength for an attack on $30,000 before a deeper retracement.

“One more push up on declining volume up to $30,000 please,” he tweeted alongside a projection chart.

“I do expect a solid rejection from this area. With all the stuff going on, blasting through with one test just seems very unlikely.”

BTC/USD annotated chart. Source: Crypto Tony/Twitter

Liquidations disappear

Liquidation data meanwhile showed the extent of the reduction in volatility on short timeframes, with short and long liquidations for March 25 totaling less than $5 million.

Related: Justin Sun vs. SEC, Do Kwon arrested, 180M player game taps Polygon: Asia Express

By contrast, March 22 saw Bitcoin liquidate over $120 million of positions, according to statistics from Coinglass.

Bitcoin liquidations chart. Source: Coinglass

Analyzing trader sentiment, trading suite Decentrader eyed what is described as a “pretty simple” long/short ratio increase , with spot price trending down.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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