Bitcoin (BTC) circled $83,000 on March 30 after weekend volatility brought new ten-day lows.

Bitcoin (BTC) circled $83,000 on March 30 after weekend volatility brought new ten-day lows.

Bitcoin (BTC) price action calmly digested new ten-day lows seen over the weekend as it circled $83,000 on March 29.

BTC/USD 4-hour chart. Source: TradingView

BTC price action deals snap weekend downside

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD gradually recovering after a trip to $81,600 the day prior.

With no added selling pressure from the ongoing rout in US stock markets, Bitcoin managed to erase most of the downside to come full circle versus the last Wall Street close.

“Quite the volatility for a weekend indeed,” popular trader Daan Crypto Trades summarized in part of his latest content on X.

BTC/USDT 15-minute chart with CME futures data. Source: Daan Crypto Trades/X

Daan Crypto Trades eyed the potential for a new gap in CME Group’s Bitcoin futures markets to be created thanks to the erratic market moves.

“Would be nice to not open with a gap for once so we can focus on everything else instead,” he argued, adding that a “big week” lay ahead.

Others had little hope for a short-term turnaround in Bitcoin’s fortunes. Veteran trader Peter Brandt even doubted the stability of the multimonth lows seen earlier this month.

I am not a big fan of inverted H&S patterns with downward slanting necklines. H&S patterns with horizontal necklines are far more reliable $BTCpic.twitter.com: //t.co/9fq7Q7L6s6

— Peter Brandt (@Brandt_Chart) March 27, 2024

“Don't shoot the messenger. Just reporting on what the chart says until it says something different,” he told X followers this week, giving a new lower BTC price target.

BTC/USD 1-day chart. Source: Peter Brandt/X

Brandt’s is not the only $65,000 BTC price prediction currently in force.

Can “spoofy” $78,000 Bitcoin bids be trusted?

Updating his market observations, meanwhile, Keith Alan, co-founder of trading resource Material Indicators, doubled down on his suspicions that a large-volume entity had been manipulating BTC price action lower in recent weeks.

Related: 'Bitcoin Macro Index' bear signal puts $110K BTC price return in doubt

As Cointelegraph reported, the entity, which Alan dubbed “Spoofy, The Whale,” had used overhead liquidity to pressure the price lower and stop it from gaining traction above $87,500.

This form of order book manipulation, known as “spoofing,” is a common feature in crypto and can involve both bid and ask liquidity.

“While I have no real way of confirming that it is the same entity using ask liquidity to herd price into their own bids, it certainly appears that Spoofy has been buying this dip and has bids laddered down to $78k,” he concluded on the day.

An annotated chart showed all key liquidity clusters thought to be of dubious origin, with Alan now giving reason for optimism.

He concluded: BTC/USDT order book data for Binance. Source: Material Indicators

“We're now at a point where we should see some buyers step in if we break the March lows. In the short term, I'm not expecting to see a huge move to new highs. But I think we're setting up for a strong summer if we can hold these lows.”

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.