Bitcoin price reaches two-week highs as volatility eliminates sell orders for BTC.

Bitcoin (BTC) experienced a surge in volatility as experts predicted that short liquidations were overdue. On March 27, BTC reached its highest levels in almost two weeks, hitting $71,754 on Bitstamp. However, it quickly dropped by $1,300 in just minutes, resulting in a total decline of more than 4%. Bulls tried to establish the $69,000 zone as a support level. Meanwhile, data on flows for US spot Bitcoin exchange-traded funds (ETFs) remained positive. The Grayscale Bitcoin Trust (GBTC) saw a modest outflow of 1,300 BTC ($91 million) at the start of Wall Street trading, following net inflows of over $400 million the previous day. Market observers noted the importance of liquidating short BTC positions. On-chain monitoring data from CoinGlass indicated that bids were accumulating around $69,000, potentially acting as a safety net in case of a market reversal. Some traders hoped for a push towards the recent all-time highs of $74,000 in order to liquidate shorts. However, others called for calm, with $68,500 being seen as a potential long entry point. It was suggested that the next move could be towards $73,000, followed by a possible correction before attempting to break the all-time highs. As always, readers are advised to conduct their own research and exercise caution when making investment decisions.