Bitcoin slides another 3% — Is BTC price headed for $69K next?

Bitcoin ( $74,055.00 ) (BTC) still risks a crash to $75,000 as BTC price weakness accelerates into the weekly close.

How low can BTC price action go before finding a bottom? Popular market participants weigh in as data from Cointelegraph Markets Pro and TradingView shows BTC/USD down over 3% on March 9.

Bitcoin ( $74,055.00 ) eats through bid liquidity

Exchange order books are forming an area of intense interest among Bitcoin ( $74,055.00 ) traders as the weekly candle close nears.

Liquidation levels on either side of the spot price look ripe for the taking, with longs already paying as BTC/USD sags to $83,000.

“Liquidation map says: Whales hunting stops!” popular trader TheKingfisher wrote in a warning to X followers on the day.

“Lots of LONG liquidations around $84300! Shorts stacked near 86500-87000. Know these levels for stop losses!”

Data from monitoring resource CoinGlass currently puts aggregate 24-hour crypto liquidations at over $300 million.

The thickest bid liquidity across exchanges stood at just below $83,000 at the time of writing, with the spot price dangerously close to breaking lower.

$75,000 BTC price dip next?

Could February’s multimonth lows of $78,000 be just the start?

A bearish BTC price take suggests that the market is not done retesting levels not seen since November last year.

For popular trader Mikybull Crypto, there is a clear chance that Bitcoin ( $74,055.00 ) will retest its 50-week simple moving average (SMA).

“$BTC likely heading for the MA support for a potential local bottom,” he predicted.

BTC/USD last interacted with the 50-week SMA in September but has avoided a weekly candle close below it since March 2023.

The 200-day SMA, meanwhile, is also back on the radar as price challenges it as support for the first time since October.

95% odds that $69,000 will hold

As Cointelegraph reported last week, a historically accurate BTC price mechanism suggests that the real floor now lies at around $69,000.

Related: Bitcoin ( $74,055.00 ) gets March 25 ‘blast-off date’ as US dollar hits 4-month low

This would take BTC/USD back to its old 2021 all-time high and mark a 37% correction versus its current one.

The Lowest Price Forward tool gives 95% certainty that Bitcoin ( $74,055.00 ) will not go any lower. Its track record is impressive, having correctly stated that BTC/USD would never revisit $10,000 after September 2020.

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.