What 15% BTC price crash? Bitcoin bulls charge higher as $67K returns

0


Bitcoin (BTC) is rapidly recovering from its $10,000 BTC price drop as wild volatility keeps up pressure on traders.

BTC/USD 1-hour chart. Source: TradingView

Derivatives show BTC price bets are already back 

Data from Cointelegraph Markets Pro and TradingView shows BTC/USD clawing back more than half its March 5 losses.

That day saw Bitcoin finally reclaim its all-time highs from November 2021, but whales were lying in wait for late longs on over-leveraged markets.

“There aren’t less people wanting to own bitcoin after this flush,” popular Bitcoin personality Hodlonaut wrote in part of commentary on X (formerly Twitter).

“This was a case of big whales moving the market like a wave, sending thousands of over-leveraged or under-informed small fish into their mouths.”

Crypto liquidations (screenshot). Source: CoinGlass

Per data from monitoring resource CoinGlass, the drop, which bottomed near $59,300 on Bitstamp, claimed $1.17 billion in cross-crypto liquidations. The majority of these were longs.

Examining market structure, however, a cathartic effect is visible — funding rates across exchanges have seen a modest reset from levels that observers argued were unsustainable.

BTC funding rates (screenshot). Source: CoinGlass

Open interest tells a similar story, but the latest estimates show this building in line with the BTC price comeback after an initial $3 billion flush.

Exchange Bitcoin futures open interest (screenshot). Source: CoinGlass

Bitcoin order book shows whale move ongoing

On the topic of trader behavior, meanwhile, trading resource Material Indicators is showing whales potentially shifting expectations of what is to come.

Related: Bitcoin analysts say BTC price correction is just ‘healthy consolidation’

A block of bid liquidity on largest global exchange Binance has headed higher, providing what potentially cushioned the correction from $69,000.

“On Feb 28th whales moved $54M in BTC USDT bid liquidity on @binance from the $36k – $38k range and turned it into a buy wall at $52k. FireCharts shows that today they moved more than half ($27M) of that buy wall and converted it into a bid ladder that climbs from $60k – $65k,” Material Indicators wrote in part of accompanying comments.

“Too early to tell if this will be the extent of the pullback (for now), but it’s clear that a large entity either has concern that price won’t dip to $52k, or doesn’t want to allow price to go that low.”

BTC/USDT order book liquidity for Binance. Source: Material Indicators/X

Elsewhere, a popular comparison to BTC price behavior in late 2020 — when previous all-time highs were broken — continues to circulate.

Then, BTC/USD also saw a snap retracement, spending around two weeks below the new highs before finally breaking out.

Source: https://twitter.com/smilinglllama/status/1765111504192282915

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.