Bitcoin (BTC) fell lower on March 25 as eerily calm conditions saw selloffs evaporate.
Bitcoin in “slow cut” until Monday
Data from Cointelegraph Markets Pro and TradingView tracked the BTC/USD pair, as it centered around $27,500, at the time of writing.
After losing the $28,000 level the day before, weekend trading offered little volatility as traders waited for a break before the TradFi markets resumed.
“Looks like a slow turnaround in CME closing price so far,” wrote Daan Crypto Trades in part of his Twitter comment.
“I didn’t expect too much to happen with BTC over the weekend after the volatility last week.”
Daan Crypto Trades was referring to the closing price of the CME Group Bitcoin futures markets, a level that could become significant should volatility show up or down before the start of the new week.
This would have the effect of producing a “gap” in the opening and closing prices of the futures market, creating a potential target for spot BTC.
An additional post outlined areas of order book liquidity, which could also act as reversal levels of support and resistance.
estos #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
These #Bitcoin charts may look messy, but they can be useful for marking the area of potential liquidity where stop losses can be placed.
Breaking these levels could cause a small waterfall in the next area.
We already saw it on the way down.
Crypto trader Tony, by contrast, hoped that the bulls could muster the strength for a push to $30,000 before a deeper pullback.
“One more push on declining volume to $30,000 please”, tweeted next to a projection chart.
“I expect a solid rejection of this area. With everything that is going on, it seems highly unlikely that it will be completed with a single test.”
Clearances disappear
Meanwhile, Sell-off data showed the extent of reduced volatility in the short term, with short and long sell-offs for March 25 totaling less than $5 million.
By contrast, on March 22, Bitcoin liquidated more than $120 million in positions, according to Coinglass statistics.
Analyzing trader sentiment, the Decentrader trading suite observed what it describes as a “fairly simple” long/short ratio increase, with the spot price trending lower.
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
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