Bitcoin Needs ₱4,579,502 ($76,000) Close to Avoid ₱3,163,472 ($52,500) Drop
Open interest has collapsed to below ₱1.21 trillion ($20 billion) as Bitcoin struggles near $70,000, signaling weak conviction among leveraged traders. Analysts warn liquidation zones between $63,000–$65,000 could trigger sharp moves lower.
Key Takeaway
Bitcoin's range is defined: $60,000 support, $70,000 resistance, and $76,000 is the breakout level that matters.
Chartered Market Technician Aksel Kibar warned that a breakdown below Bitcoin's current trading range would signal a possible move toward $52,500. His March 18 analysis highlighted a bearish rising wedge pattern that supports this downside target.
Bitcoin entered correction territory on Jan. 20 when it dropped to $60,014, confirming the first bearish continuation pattern. Since Feb. 8, a second bear flag has kept prices trapped — every rally to the pattern's overhead trendline around $75,000 has been rejected. Breaking above $76,000 and holding it as support would flip the script, turning what's now resistance into a floor.
Open interest data backs up the cautious sentiment. Bitcoin's aggregated open interest sits below ₱1.21 trillion ($20 billion), a level last seen on Feb. 2 when BTC traded near $79,000. That's a massive drop in leverage for a coin that's lost nearly a quarter of its value from that February peak. Liquidation heatmaps from Hyblock show the biggest risk zone for leveraged longs sits between $63,000 and $65,000, with another liquidity gap waiting between $57,500 and $56,000.
The macro backdrop isn't helping bulls make their case. Brent crude oil has climbed to levels not seen since 2008 as hot war tensions between the US, Israel, and Iran escalate. The S&P 500 is down 3.95% year-to-date, reflecting broader market volatility that typically doesn't favor risk assets like crypto.
The level to watch on the downside remains $60,000 as the lowest key support, while $70,000 continues to act as the most challenging resistance before the $76,000 breakout threshold.
This article was written based on reporting from Cointelegraph.
