Market capital liquidation rose to nearly $1.5 billion as Crypto Market witnessed a $2.4 trillion downturn. Amid the rise in fear in the market, Bitcoin broke temporarily at the $75,000 mark and hit a 24-hour low at $74,446.
Bitcoin is back at a trading price of $77,480. Will this short-term bounce come back after this short-term conflict move has returned over $80,000? Let’s look into it.
Bitcoin price analysis
On the 4-hour price chart, Ethereum price trends show a bearish breakdown of the consolidated range. Lower support for the integration range was $78,572.
A massive crash has brought Bitcoin price to $74,000, approaching the S1 pivot support level. A failure in the integrated range prompted stretching at the bottom band of the Bollinger, starting a new bearish move.
However, the results indicate a potential retest due to the fast V-shaped inversion just before the S1 pivot support level. This quick retest provides short-term relief, but again warns of a reversal.
Again, the risk of the negative side increases significantly, resulting in a level of S2 pivot support for the bearish radar. The S2 Pivot Level price is $69,804.
Therefore, short-term price behavior analysis warns of sudden revisions below $70,000 psychological support. Amidst the price drop, the 20-day SMA line, which serves as the central line for the Bollinger band, has witnessed considerable posture.
This is consistent with a short-term increase in supply pressure. But on the optimistic side, potential bounce back crossings above the broken level of $78,572 could increase the chances of Bitcoin regaining $80,000.
In such cases, the $81,374 S2 pivot level will act as an immediate resistance level. This S2 pivot line matches the 20-day SMA line.
Bitcoin futures signal downside slowdown
With supply pressures rising significantly, the open profit weighted funding rate remains positive at 0.0054%. However, the increased volatility has resulted in a massive shakeout for crypto traders.
BTC derivatives
This reduced Bitcoin’s open interest by 2.84% to $51.83 billion. Over the past 24 hours, Bitcoin liquidation has risen to $48,682 million.
Of the total 24-hour liquidation, the long liquidation accounts for $412.87 million, while the shortside liquidation accounts for $73.95 million. Despite the big crash, the optimism of top traders over centralized interactions such as Binance and OKX has witnessed a significant surge.
This is highlighted by the long-term ratio of top traders by accounts and positions ranging from 1.75 to 2.32.
GlassNode finds important support of $74,000
GlassNode is formed at $74,000, highlighting recent support for Bitcoin amid rising volatility. The on-chain platform highlights this with a major supply cluster of under $80,000, with BTC above 50,000 BTC at 74.2K.
For now, $BTC appears to have found support at $74,000. This coincides with the first major supply cluster below $80K and $74.2K, over $50,000. This level is held primarily by investors who have been active for five months and will steadily raise costs until March 10th.
– GlassNode (@GlassNode) April 7, 2025
For the past five months, key levels have been held primarily by investors, steadily increasing the average cost base until March 10th. However, on-chain platforms also highlight the downsides.
The next important substantial support is $69.9k. This is the range that holds $68K BTC. GlassNode holds 41K BTC and highlights the largest maximum level in the range of $74,000 to $70,000 at $71.6K. The overall range is 175K BTC.
