Bitcoin price teeters on crucial $69K level as it approaches critical liquidation zone

Bitcoin (BTC) soared past the important $69,000 level at the start of the trading day on March 25, signaling a strong rebound for the cryptocurrency. BTC/USD on Bitstamp reached $69,463, marking a nearly 3% gain for Bitcoin and making up for the losses experienced in the previous week. Despite the psychological significance of the $69,000 level, it was noted that Bitcoin needed to close above this level with bullish momentum to confirm its upward trend. Resistance was expected at all-time highs near $74,000, with smaller spot bids moving closer to the spot price. However, caution was advised as a lack of nearby bid liquidity could potentially dampen the current price recovery. Keith Alan of trading resource Material Indicators warned that the monthly close could bring volatility and that a retracement was still possible despite his generally bullish outlook. Liquidation data highlighted the risks for traders, with $50 million of BTC shorts liquidated in a 24-hour period. Breaking above $70,600 would trigger $500 million in short leverage. As always, readers are reminded to conduct their own research before making any investment decisions.