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Bitcoin (
$80,833.00 ) (BTC) saw a fresh brief short squeeze overnight on March 15 with bulls still attempting to crack $40,000 resistance.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Traders uninspired by market composition
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching highs just short of the psychological barrier Tuesday before returning to previous levels.
The now all-too-familiar “Bart” formation followed news that the European Union had rejected a regulatory mechanism to ban Proof-of-Work algorithm cryptocurrencies.
The move, while significant, had nonetheless produced little relief in BTC price action.
“Altcoins are again showing a lot of weakness in the BTC pair, as they are dropping. Bitcoin ( $80,833.00 ) still consolidating. Not the best signs for the markets, to be honest,” Cointelegraph contributor Michaël van de Poppe summarized in his latest Twitter update on the day.
Bitcoin ( $80,833.00 ) thus remained practically unmoved on daily timeframes, frustrating a market trapped in a trading range for months.
Liquidation data from on-chain monitoring resource Coinglass likewise showed limited shakeouts as a result of the latest squeeze higher — BTC liquidations totalled $47 million over 24 hours.
Crypto liquidations chart. Source: Coinglass
The price action likewise put pay to hopes of a more bullish outcome based on the daily close.
$39,000 is an on-chain volume king
Turning to on-chain metrics, however, Lex Moskovski, CEO of Moskovski Capital, noted the historical significance of current spot price levels.
Related: Two years since the COVID-19 crash: 5 things to know in Bitcoin ( $80,833.00 ) this week
More BTC last moved at around $39,000 than at any other price point, making March’s behavior what he called “the mother of all consolidations.”
The mother of all consolidations.
On-chain volume at $39k is the largest in the entire history of # Bitcoin ( $80,833.00 ) .
Record 775k BTC changed hands at around $38.7. pic.twitter.com/G8C8EBcuD1
— Lex Moskovski (@mskvsk) March 15, 2022
As Cointelegraph reported, accumulation trends are continuing to reinforce the strength of the $38,000-$39,000 bracket, this becoming particularly popular with whales over the past week.
