Bitcoin Crumbles: BTC Back To $59,000?

Bitcoin is down roughly 7% from the all-time high. While the coin trends lower, traders are net positive, expecting dips to offer loading opportunities, at least in the short to medium term. The immediate resistance level stands at $73,800. If broken, there might be a sharp breakout toward $75,000 or higher.

For now, sellers have the upper hand. The dump continued in the Asian session, and traders can look for potential continuation. So far, Bitcoin is down 8% in the past 24 hours, shaving weekly gains to 1%. At the same time, the market cap is down 8% to slightly over $1.3 trillion. While prices fall, trading volume is up 60% to over $75 billion. This could suggest that traders are looking to exit their longs, possibly in profit-taking.

In the meantime, traders are watching these events unfold:

• Approximately a month to halving, Bitcoin miners in the United States are holding on to their coins and not selling as has been the case. As we approach this important event, how traders will react is yet to be seen. Historically, prices tend to crumble as miners unload.
• The match-up, analysts note, is marked with a sharp contraction in exchange inflow. This suggests that coin holders prefer holding their stash, especially as institutions look to scoop more.

The path of least resistance is upward, even with BTC/USD prices correcting at spot rates.

From the daily chart, the $73,800 level is critical; if broken in a rebound from current levels, Bitcoin bulls will have the impetus to roar even higher. The immediate target can be $75,000. However, some optimists are targeting $100,000.

Conversely, traders are looking at the $68,800 level—previous resistance. If prices fail to close above this level, the sell-off might likely continue, moving BTC toward $63,500 or even the March 5 lows of $59,000.