Bitcoin (BTC) saw a new short squeeze overnight on March 15 while still trying to break the $40,000 resistance..
Traders are not inspired by the composition of the market
Data from Cointelegraph Markets Pro and TradingView showed that the BTC/USD pair hit highs just below the psychological barrier on Tuesday before returning to previous levels.
The now all too familiar “Bart” formation followed news that the European Union had rejected a regulatory mechanism to ban cryptocurrencies from Proof-of-Work algorithms..
The movementAlthough significant, had produced little relief in BTC price action.
“Altcoins are again showing major weakness against the BTC pair as they are falling. Bitcoin continues to consolidate. Not the best signals for the markets, to be honest,” Cointelegraph contributor Michaël van de Poppe summarized. in his last twitter update of the day
A) Yes, bitcoin was virtually static on daily time frames, frustrating a market trapped in a trading range for months.
The data settlements of the on-chain monitoring resource Coinglass also showed limited turmoil as a result of the latest spike: BTC settlements amounted to $47 million in 24 hours.
The price action also ended hopes of a most bullish result based on daily closing.
The $39,000 level is the king of on-chain volume
However, when it comes to on-chain metrics, Lex Moskovski, CEO of Moskovski Capital, noted the historical significance of current spot price levels.
More BTC last moved around $39,000 than at any other price pointmaking March’s behavior what he called “the mother of all consolidations.”
The mother of all consolidations.
On-chain volume at $39k is the largest in the entire history of #bitcoin.
Record 775k BTC changed hands at around $38.7. pic.twitter.com/G8C8EBcuD1
— Lex Moskovski (@mskvsk) March 15, 2022
The mother of all consolidations.
On-chain volume at $39,000 is the largest in Bitcoin history. Record 775,000 BTC changed hands at around $38,700. pic.twitter.com/G8C8EBcuD1
As Cointelegraph reported, accumulation trends continue to reinforce the strength of the $38,000-39,000 range, which became particularly popular with whales over the past week.
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