Bitcoin continued its rapid depreciation in the last 36 hours, falling to $68,619 on March 6. After declining from last week’s peak of $73,600, the price briefly broke below $70,000 and then between $69,600 and $69,000. During this period, it was observed that Bitcoin decreased by 0.99 percent on an hourly basis.
Rapid Decline Pace and Appearance on the Chart
After Bitcoin started at $67,800 on March 4 and reached $73,600 on March 5, the price decreased by approximately $5,000 with successive sales. No meaningful recovery was seen, especially as the price fell in cascades from $73,600 to $72,400, then to $71,200, $70,400, and $69,200. Each new support zone held for a short time but was then quickly broken. The generally low volume of sales indicated that this activity was not due to large corporate sales, and that market participants preferred to wait on the buying side.
Importance of Support Zone and Analyst Comments
The trader, who uses the pseudonym GainMuse in the cryptocurrency market, pointed out the $ 68,500 level as an important threshold. According to the analysis, a movement below this level may invalidate the upward trend structure seen at the beginning of the week. As long as it remains above $68,500, the decline is interpreted as a retest of the upward range. However, it is stated that the trend appearance will change below this price.
According to GainMuse’s assessment, “The upward movement potential remains maintained when it remains above $ 68,500. A reaction from here may cause the price to rise again to $ 73,500.”
Currently, Bitcoin is only trading $119 above that critical level. It is stated that the low volume in the weekend markets increases the risk of breaking this level in a short time in the event of an aggressive selling pressure.
Weekend Risks and Market Dynamics
The $68,500 threshold, tested on Friday afternoon, becomes critical due to low volume transactions throughout the weekend. Since the volume decreases in weekend transactions, price movements may be sharper than on ordinary days. Whether the price will remain at this level or not was the most important agenda item of the weekend. If there is a hold above $68,500, buyers’ power may increase; However, if the support is broken, the decline is likely to accelerate.
While the recently announced non-farm employment (NFP) data, recession concerns and the selling tendency of short-term investors are effective in the selling pressure, the savings from long-term investors and the contraction in the supply on the chain indicate that the general outlook may be positive. It will be closely watched how these opposing dynamics will result in the $ 68,500 band at the end of the week.
