Bitcoin’s price is clinging to a zone that has witnessed more on-chain volume than any other in the cryptocurrency’s history.
Bitcoin (BTC) had another brief short squeeze overnight on March 15, with bulls aiming to break through the $40,000 resistance level.
Traders who aren’t inspired by the market’s structure
BTC/USD reached highs just short of the psychological barrier on Tuesday, according to data from TradingView, before reverting to previous levels.
Following news that the European Union had rejected a legislative mechanism to outlaw Proof-of-Work algorithm cryptocurrencies, the now-familiar “Bart” structure emerged.
While the move was large, it did not result in much relief in BTC price movement.
“In the BTC pair, altcoins are once again exhibiting a lot of weakness, as they are decreasing. Bitcoin continues to consolidate. To be honest, these aren’t the finest indicators for the markets.
On daily timescales, Bitcoin remained virtually unchanged, exasperating a market that had been stuck in a trading range for months.
The last rush higher resulted in minor shakeouts, according to data from on-chain monitoring platform Coinglass — BTC liquidations totaled $47 million over 24 hours.
The price movement, based on the daily close, also put an end to prospects of a more optimistic outcome.
$39,000 is the king of on-chain volume
However, when it comes to on-chain measures, Lex Moskovski, the CEO of Moskovski Capital, points out the historical relevance of current spot price levels.
More BTC was traded at roughly $39,000 last month than at any other price point, making March’s conduct “the mother of all consolidations,” according to him.
The mother of all consolidations.
On-chain volume at $39k is the largest in the entire history of #Bitcoin.
Record 775k BTC changed hands at around $38.7. pic.twitter.com/G8C8EBcuD1
— Lex Moskovski (@mskvsk) March 15, 2022
Accumulation tendencies are continuing to support the strength of the $38,000-$39,000 range, which has become especially popular with whales in the last week.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.