$240M Liquidated As Bitcoin Rejects $70,000: 'Just The Test Pump,' Says Trader, But Not Everyone Agrees
Portfolio Pulse from Murtuza Merchant
Bitcoin's attempt to surpass the $70,000 mark was met with a swift 5% decline to $66,600, leading to $240M in liquidations. The resistance at this level was partly due to nearly 1,000 Bitcoin worth of sell orders on exchanges like Binance and OKX. Discussions among experts vary, with some seeing potential for future gains and others cautioning about possible corrections. Bitcoin was trading at around $68,700 at the time of the report.
March 08, 2024 | 8:35 pm
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Bitcoin's failed attempt to break the $70,000 barrier resulted in a significant price drop and $240M in liquidations, indicating high volatility and market sensitivity to resistance levels.
The immediate price drop following Bitcoin's attempt to surpass $70,000, coupled with significant liquidations, underscores the asset's current volatility and market sensitivity. The presence of large sell orders at this threshold suggests a strong resistance level that could influence short-term price movements negatively.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100