Bitcoin fell below the $70,000 level in intraday trading on March 6 and hit $69,640. This limit attracted attention as an important support in the morning hours. In the last two days, there has been a rapid rise in the market; The cryptocurrency climbed from $63,600 to $73,800 in a short time.
Summary of the Hectic Week in Charts
Looking at the two-hour chart on TradingView, it is possible to clearly observe the fluctuating course of Bitcoin in the last week. Bitcoin started the period near $86,000, then spent the last week of February with a gradual decline. The lowest level of the week was reached on February 28, at $63,600.
After this decline, it was observed that investors in short positions in the market were squeezed and prices recovered rapidly. The cryptocurrency, which reached $69,200 on February 26, then experienced a decline again. As March approaches, it is observed that buyers step in at higher levels. With strong volume buying on March 4, Bitcoin climbed from $65,800 to $73,800. After this move, there was not much correction in the market, and the suddenness of the rise was noteworthy.
Importance of the $70,000 Level and Market Dynamics
This rapid increase in prices strengthened the possibility of a subsequent correction. In the following period, Bitcoin started to decline from $ 73,800. First, $72,000, then $71,000, and finally $70,000 formed short-term support. Each time, these levels were broken downwards. After such rapid price movements, a strong technical hold often becomes difficult.
On the other hand, the $70,000 level has strategic importance beyond its psychological impact. The fact that this figure is concentrated in the option markets, coincides with the stop-loss points of institutional investors, and is a critical psychological level for individual investors makes the $ 70,000 level even more important.
The market narrative for Bitcoin priced below this level is changing rapidly. The price dropped to $69,644, remaining below this threshold for the first time since the rise on March 4. However, whether this will be a short-term retreat or a precursor to a deeper correction may depend on the US Non-Farm Payrolls data to be published on the same day.
Strong employment data may cause the dollar to gain value and put pressure on risky assets. Weak data may increase interest rate cut expectations and cause buyers to re-engage in the market.
Alternatively, the Fear and Greed Index, which measures emotions and expectations, is at 18 points, indicating that the general atmosphere in the market is quite cautious. Although there has been a recovery of approximately 15 percent in Bitcoin on a weekly basis, the mood in the markets has remained close to the beginning.
