Bitcoin Liquidations Disappear as Traders Hope to Hit $30,000 Before the Dip

The volatility of the Bitcoin market is cooling down as sideways trading dampens short-term bullish BTC price predictions.

Bitcoin (BTC) moved downwards on March 25th due to unusually calm conditions evaporating liquidations.

BTC/USD 1-hour candle chart (Binance). Source: TradingView

Bitcoin to “move slowly” until Monday

Data from TradingView showed BTC/USD focusing on $27,500 at the time of writing.

Weekend trading did not provide typical volatility in the hope of a break before the continuation of commercial finance markets, after losing $28,000 the previous day.

Daan Crypto Trades wrote in a section of Twitter comments, “It looks like it’s slowly chopping around the CME closing price.”

“I don’t expect too much from BTC over the weekend after the volatility of last week.”

Daan Crypto Trades referred to the CME Group Bitcoin futures market closing price. This level could become significant if there is upward or downward volatility before the start of the new week.

This will have a “gap” effect on futures opening and closing prices and create a possible spot BTC target.

CME Bitcoin futures 1-day candle chart. Source: TradingView

Another article has separated order book liquidity takers in advance and also serves as support and resistance reversal levels.

These Bitcoin charts may look messy, but it can be useful to mark potential liquidity areas where stop losses can be positioned.

Breaking these levels can cause a small waterfall effect to the next area.

We have already seen this in the descent.

— Daan Crypto Trades (@DaanCrypto) March 25, 2023

On the other hand, colleague Crypto Tony hoped that bulls could create a $30,000 attack power before a deeper correction.

“Please push to $30,000 once again with decreasing volume,” he tweeted with a projection chart.

BTC/USD annotated chart. Source: Crypto Tony/Twitter

“I’m expecting a good rejection from this area. Considering all that’s happened, it doesn’t seem very likely to break through with a test and pop.”

Bitcoin Liquidations are Disappearing

Liquidation data showed that the total of short and long liquidations on March 25th was less than 5 million, indicating the size of the decrease in short-term volatility.

In contrast, on March 22nd, Bitcoin was seen to liquidate positions worth $120 million, according to Coinglass statistics.

Bitcoin liquidations chart. Source: Coinglass

When trader sensitivity is analyzed, the trading team Decentrader drew attention to the “quite simple” increase in long-short ratio, which indicates that the spot price is trending downwards.

Bitcoin long-short ratio was continuing to rise quite simply.

The price continued to fall.

— Decentrader (@decentrader) March 25, 2023

The opinions, thoughts, and ideas expressed here are solely those of the author and do not necessarily reflect or represent the views and opinions of CoinOtag.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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