The risk of a Bitcoin (BTC) crash to $75,000 remains as weakness in BTC prices intensifies with the weekly close approaching.
How low could BTC price movements go before hitting a bottom? Notable market figures offer their opinions as data from Cointelegraph Markets Pro and TradingView indicate that BTC/USD has dropped over 3% on March 9.
Bitcoin Depletes Bid Liquidity
As the weekly candle close approaches, exchange order books are generating significant interest among Bitcoin traders.
Liquidation levels surrounding the spot price appear prime for exploitation, with longs already suffering as BTC/USD declines to $83,000.
“The liquidation map indicates: Whales are hunting for stops!” warned popular trader TheKingfisher to followers on X.
“Numerous LONG liquidations near $84,300! Shorts piled up around $86,500-$87,000. Keep these levels in mind for stop losses!”
Bitcoin exchange liquidity data. Source: TheKingfisher/X
According to monitoring tool CoinGlass, total liquidations in the crypto market over the past 24 hours exceed $300 million.
The most substantial bid liquidity across exchanges was just under $83,000 at the time of writing, with the spot price perilously close to breaking lower.
BTC liquidation heatmap (screenshot). Source: CoinGlass
Is a $75,000 BTC Price Dip Next?
Could the multimonth lows of $78,000 observed in February be just the beginning?
A bearish outlook on BTC prices suggests that the market is still poised to retest levels unseen since November of last year.
For popular trader Mikybull Crypto, there’s a clear possibility that Bitcoin will retest its 50-week simple moving average (SMA).
“$BTC is likely heading toward the MA support, indicating a potential local bottom,” he forecasted.
BTC/USD 1-week chart with 50SMA. Source: Mikybull Crypto/X
The last interaction of BTC/USD with the 50-week SMA occurred in September, and it has managed to avoid a weekly candle close below since March 2023.
Simultaneously, the 200-day SMA is also attracting attention as the price challenges it as support for the first time since October.
BTC/USD 1-week chart with 50-week, 200-day SMA. Source: Cointelegraph/TradingView
95% Odds That $69,000 Will Hold
As reported by Cointelegraph last week, a historically reliable BTC price analysis indicates that the actual floor now lies near $69,000.
Related: Bitcoin targets March 25 ‘blast-off date’ as US dollar reaches a 4-month low
This scenario would bring BTC/USD back to its previous all-time high of 2021, representing a 37% correction based on current prices.
The Lowest Price Forward tool provides 95% certainty that Bitcoin won’t dip below this level, a prediction that has proven accurate in the past, such as when it forecasted BTC/USD would never revisit $10,000 after September 2020.
Bitcoin Lowest Price Forward chart. Source: Timothy Peterson/X
This article should not be construed as investment advice or recommendations. All investments and trading activities carry risk, and readers should conduct their own research before making any decisions.
