- Bitcoin Price is showing weakness, dropping more than 3% on March 9 with possible further decline to $75,000.
- Exchange order books reveal liquidation levels around $84,300 for longs and $86,500-87,000 for shorts, with over $300 million in crypto liquidations in 24 hours.
- Multiple technical indicators suggest Bitcoin could test the 50-week SMA, while historical analysis indicates a 95% probability that $69,000 will serve as the ultimate floor.
Bitcoin threatens deeper correction as price weakens to $83,000 levels, potentially heading toward a $75,000 support zone as weekend trading intensifies. The largest cryptocurrency by market capitalization showed increasing vulnerability with a 3% decline on March 9, prompting analysts to evaluate potential bottom targets.
Exchange data reveals concerning patterns as Bitcoin approaches a critical weekly close. Traders are closely monitoring order books where liquidation levels on both sides of the current price action present attractive targets for market makers.
TheKingfisher, a prominent cryptocurrency trader, alerted followers to potential market manipulation, stating: “Liquidation map says: Whales hunting stops! Lots of LONG liquidations around $84300! Shorts stacked near 86500-87000. Know these levels for stop losses!”
The warning appears well-founded as data from CoinGlass shows aggregate cryptocurrency liquidations exceeding $300 million in the past 24 hours. Currently, the most substantial bid liquidity sits just below $83,000, with spot prices dangerously approaching this support level.
Technical analysis suggests Bitcoin might revisit significantly lower price levels. Trader Mikybull Crypto projects that BTC will likely test its 50-week simple moving average (SMA) for potential support, noting: “$BTC likely heading for the MA support for a potential local bottom.”
This technical indicator merits attention as Bitcoin has avoided closing below the 50-week SMA since March 2023. Simultaneously, the cryptocurrency is challenging the 200-day SMA as support for the first time since October, adding another layer of technical concern.
For historical context, Bitcoin last interacted with the 50-week SMA in September but has maintained positioning above this crucial indicator for over a year, highlighting the potential significance of any breakdown below this level.
More bearish projections suggest February’s multi-month low of $78,000 might not represent the cycle bottom. Some analysts believe Bitcoin could test levels unseen since November 2023, with the most extreme forecasts targeting the $69,000 range.
The Lowest Price Forward tool, which has demonstrated historical accuracy by correctly predicting that Bitcoin would never revisit $10,000 after September 2020, now indicates 95% certainty that Bitcoin’s ultimate floor rests around $69,000—coinciding with the previous 2021 all-time high. Such a correction would represent a 37% decline from the current record peak.
Meanwhile, spot trading on TradingView platforms shows decreasing bid support as weekend volatility continues to shape market sentiment ahead of the weekly candle close.
While short-term price action remains concerning, historical data provides some context for long-term investors navigating this period of market uncertainty. The potential retest of previous resistance levels as support aligns with patterns observed during previous bull market corrections.
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