Bitcoin (BTC) drifted lower on March 25 as eerily calm conditions caused liquidations to evaporate.
BTC/USD 1 hour candlestick chart (Binance). Source: TradingView
Bitcoin in “slow chop” until Monday
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it was concentrating on $27,500 at the time of writing.
After losing $28,000 the previous day, weekend trading offered little of its usual volatility as traders hoped for a pause before traditional financial markets resume.
“Looks like a slow bounce around the CME close so far,” wrote Daan Crypto Trades in part of the Twitter comment.
“I don’t expect too much to happen in BTC over the weekend after last week’s volatility.”
Daan Crypto Trades referenced the closing price of the CME Group bitcoin futures markets, a level that could become significant if volatility occurs to the upside or down before the start of the new week.
Related: BTC price centers at $28,000 as Deutsche Bank shares follow Credit Suisse
This would result in a “gap” in the opening and closing prices of the futures markets, creating a potential target for spot BTC.
CME Bitcoin Futures 1-day candlestick chart. Source: TradingView
Another post detailed areas of order book liquidity that could also act as support and resistance flip levels.
Conversely, fellow trader Crypto Tony was hopeful that the bulls could muster the strength to attack $30,000 before a deeper retracement kicked in.
“Another push on declining volume up to $30,000 please,” he tweeted alongside a projection chart.
“I expect a solid rejection from this area. With all the stuff going on it seems very unlikely to get through a test.” BTC/USD annotated chart. Source: Crypto Tony/Twitter
liquidations disappear
Liquidation data, meanwhile, showed the magnitude of the drop in volatility over short timeframes, with short and long liquidations totaling less than $5 million for March 25.
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In contrast, on March 22, Bitcoin liquidated over $120 million in positions, according to statistics from Coinglass.
Bitcoin Liquidation Chart. Source: coin jar
Analyzing trader sentiment, trading suite DecenTrader observed what is described as a “fairly easy” rise in the long/short ratio, with the spot price trending lower.
The views, thoughts, and opinions expressed herein are solely those of the authors and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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