Bitcoin (BTC) Price Weakness Emerges Ahead of Weekly Close, Setting the Stage for a Possible Dip to $75K

Bitcoin (BTC) continues to exhibit signs of potential weakness, with concerns mounting regarding a possible decline to $75,000 as the weekly close approaches.

Bitcoin (BTC) continues to show signs of potential weakness, with concerns rising over a possible decline to $75,000 as the weekly close approaches. Marked price fluctuations have prompted speculation on how low BTC may go before setting a bottom, as analysts and traders share their insights.

Looking at the latest data from Cointelegraph Markets Pro and TradingView, BTC/USD shows a decrease of over 3% in the past hour, bringing the cryptocurrency down to $83,088 at the time of writing.

Bitcoin eats through bid liquidity

As Bitcoin traders keep a close eye on the order books, indicators highlight a critical area of bid liquidity forming ahead of the weekly candle close. Currently, liquidation levels on both sides of the spot price convey a ripe environment for market movements, especially as BTC/USD hovers around $84,000.

A prominent trader, TheKingfisher, warned his followers on X, stating, “Liquidation map says: Whales hunting stops!” He highlighted significant long liquidations clustered around $84,300, with short positions positioned near the $86,500 to $87,000 range. Data from CoinGlass reveals that aggregate crypto liquidations have surpassed $300 million in the last 24 hours, highlighting the fragile state of current market dynamics as the spot price threatens to fall further.

$75,000 BTC price dip next?

Traders are contemplating if February’s lows around $78,000 might just be the beginning of further declines. A bearish outlook suggests that the market may not have exhausted its capacity to revisit levels last seen in late 2022. According to Mikybull Crypto, a respected trader in the crypto sphere, Bitcoin could soon see a retest of its 50-week simple moving average (SMA).

The 50-week SMA was last tested in September, and since March 2023, Bitcoin has managed to close above this level on a weekly basis. The anticipation of touching the 200-day SMA has also resurfaced as the price seeks support at levels last seen in October.

95% odds that $69,000 will hold

Recent expert analysis indicates that Bitcoin’s fundamental support level may lie at approximately $69,000. As Cointelegraph reported, a historically reliable BTC price indicator suggests a strong likelihood that the cryptocurrency will not dip below this mark. This prediction would imply a return to its former 2021 all-time high and could mark a significant 37% correction from current price levels.

The Lowest Price Forward tool has shown an impressive track record, maintaining a 95% confidence level that Bitcoin would not revisit the $10,000 threshold after a critical period in late 2020. As the market remains unpredictable, traders are closely monitoring these levels and preparing for potential volatility ahead.