Bitcoin is showing more low as it moves closer to the weekly closing price, raising concerns that it could fall as low as $75,000.
Traders Watching Key Price Levels
As Bitcoin’s price drops, traders are closely watching order books, which show where buyers and sellers are placing their trades. Currently, the price is struggling near $83,000, with many traders facing losses as their positions get liquidated.
Popular trader TheKingfisher warned on X that big investors, or “whales,” might be triggering these liquidations to take advantage of the market. He pointed out that there are many long positions being liquidated around $84,300, while short sellers are stacking up between $86,500 and $87,000.
Data from CoinGlass reveals that over $300 million in cryptocurrency positions have been liquidated in the past 24 hours. With strong buying interest sitting just below $83,000, the market is at a critical point.
Could Bitcoin Drop to $75,000?
Some analysts believe Bitcoin might continue falling, possibly revisiting the $78,000 level seen in February or even lower.
Crypto trader Mikybull Crypto suggests that Bitcoin may soon test its 50-week simple moving average (SMA), a key technical level that has historically acted as support. The last time Bitcoin touched this level was in September, but it has managed to stay above it for nearly a year.
Bitcoin is also challenging another key indicator, the 200-day SMA, which it hasn’t tested as support since October.
Will Bitcoin Hold Above $69,000?
Despite the current price drop, historical data suggests Bitcoin is unlikely to fall below $69,000.
According to a tool that has accurately predicted price floors in the past, there is a 95% chance that Bitcoin won’t drop lower than $69,000. If this prediction holds true, Bitcoin would be returning to its 2021 all-time high, marking a 37% correction from its recent peak.
This tool has a strong track record, correctly predicting in 2020 that Bitcoin would never drop back to $10,000. Many traders are now watching closely to see if the same pattern holds this time.
