What 15% BTC price crash? Bitcoin bulls charge higher when $67,000 returns
Bitcoin (BTC) is quickly recovering from the $10,000 BTC price as wild volatility puts pressure on traders.
Derivatives show that BTC price bets have already reversed
Data from Cointelegraph Markets Pro and TradingView show that BTC/USD has recovered more than half of its March 5 losses.
That day, Bitcoin finally regained its all-time high since November 2021, but whales were waiting late in overextended markets.
“After this liquidation, there are no less people who want to own Bitcoin,” wrote the famous Bitcoin personality Hodlonaut in a comment on X.
“This was an opportunity for a big whale to move the market like a wave, sending thousands of overused or ill-informed smaller fish into their mouths.”
According to data from monitoring source CoinGlass, Bitstamp's fall to around $59,300 has prompted $1.17 billion in crypto-liquidations. Most of them were long.
An examination of market structure, however, shows a cathartic effect, with volumes across all exchanges seeing modest resets from levels that observers have argued are unsustainable.
Open demand tells the same story, but the latest estimates show that this building will come back after the initial flow of $3 billion from the price of BTC.
The Bitcoin order book shows whale activity in progress
On the trader's side, meanwhile, material indicators of trading inputs are showing that whales may be changing their expectations of what's to come.
Related: Bitcoin Analysts Say BTC Price Correction Is Just ‘Healthy Consolidation'
The bid balance on the major international currency reached a higher level, suggesting a potential correction below $69,000.
“On Feb 28th whales moved $54M in BTC USDT bid liquidity on @binance from $36k – $38k and turned it into a buy wall at $52k. “Fire Charts shows that they moved more than half the buy wall today ($27m) and turned it into a bid ladder of $60k-$65k,” Material Indicators wrote in part of the comments.
It's too early (for now) to tell if this is the rate of return, but it's clear that either the price won't drop to $52k or they don't want to let the price go. low”
Elsewhere, a popular comparison to BTC's price behavior in late 2020 – when previous all-time highs were broken – continues to circulate.
Then, BTC/USD also saw a quick reaction, spending almost two weeks below new highs.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
