Bitcoin (BTC) drifted lower on March 25 as eerily calm conditions saw liquidations evaporate.
Bitcoin in “slow chop” until Monday
Data 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.
This would have the effect of producing a “gap” in futures market open and close prices, creating a potential target for spot BTC.
An additional post delineated areas of order book liquidity, which could also act as support and resistance flip levels.
These #Bitcoin charts can look messy but it can be useful to mark out the potential liquidity area’s where stop losses may be positioned.
Breaking these levels could cause a little cascade into the next area.
We saw that on the way down already. pic.twitter.com/jM2LGrXnKj
— Daan Crypto Trades (@DaanCrypto) March 25, 2023
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.”
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.
By contrast, March 22 saw Bitcoin liquidate over $120 million of positions, according to statistics from Coinglass.
Analyzing trader sentiment, trading suite Decentrader eyed what is described as a “pretty simple” long/short ratio increase , with spot price trending down.
Pretty simple.#Bitcoin Long Short ratio kept going up.
Price kept going down. https://t.co/scdgLPxo1v pic.twitter.com/OndWvLLgbK
— Decentrader (@decentrader) March 25, 2023
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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