Bitcoin hovered around $69,677 on Wednesday as traders waited for clearer signals while markets continued to factor in rising geopolitical uncertainty.
Key points:
- Traders of Bitcoin are watching for a breakout from the current rangebound price movement, with $70,000 acting as a key level.
- Some bullish forecasts suggest that the low $80,000 range could return by the end of March if momentum strengthens.
- Meanwhile, rising open interest in Bitcoin derivatives markets points to the possibility of increased price volatility ahead.
Bitcoin struggles to secure key springboard level
Data from TradingView showed Bitcoin trading mostly flat on the day, with price action hovering around the $70,000 level.
After failing to break out of its local trading range, the Bitcoin pair against the BTC/USD showed fewer bullish signals, as traders remained cautious about the risk of a potential price breakdown.
“Not much has changed — price is still consolidating within the range,” trader Cryptorphic told followers on X in a recent market update.
“The weekly candle closed bearish, and overall the structure still leans sideways unless we get a clear breakout or breakdown.”
Trader Killa pointed to zones with heavy liquidation potential as the next short-term targets for Bitcoin.
“If price starts moving down toward the monthly and weekly open levels around $66K–$66.9K, there’s a strong chance the $64K liquidity pool will be taken out,” the trader explained.
“If we start pushing above 72-73K, the next POI is 74-76K.”
Meanwhile, trader and analyst Mark Cullen said a bullish move could still unfold if Bitcoin manages to reclaim $70,000 as a support level.
“$70K is critical — BTC needs to move back above it and hold to attempt a breakout from the current range. If that happens, the high $70Ks to low $80Ks could come into play before the end of the month,” he said.
BTC price could enter a “highly volatile environment”
Earlier, Cointelegraph reported that strong resistance may cap further gains for Bitcoin above the $70,000 level.
Many market participants still believe the current rangebound structure could lead to fresh macro lows, with some projections placing the downside target near $50,000 or lower.
Looking at open interest (OI) in Bitcoin futures markets, BorisD, a contributor at on-chain analytics platform CryptoQuant, warned that volatility may soon intensify.
“Over the past few days, the 30-day open interest change has entered a strong recovery phase,” he wrote in a “Quicktake” blog post on Tuesday. “This indicates that new positions are being added back into the market, which could lead to increased volatility in the coming weeks.”
“In the coming weeks, Bitcoin may face a highly volatile environment. As Open Interest continues to rise, leverage in the market also builds up. This can open the door to stronger price swings, sudden directional moves, and another round of forced liquidations.”
