Bitcoin (BTC), the largest cryptocurrency by market cap, remains a leading indicator for the overall cryptocurrency market.
However, traders are taking a cautious approach to trading BTC in light of the recent price pullback and are wondering whether there will be enough support to hold when prices bounce back. At press time, the coin is trading at $68,094.34 with an increase of 3.86% over the past 24 hours.
According to the Bitcoin price chart from TradingView, this consolidation is just above a key horizontal level of support and resistance near $67K–$70K. This suggests the selling is starting to relieve, and momentum indicators are also pointing to a change in the bearish momentum currently affecting Bitcoin.
The RSI momentum indicator has moved away from oversold levels and has returned to mid-40s levels. In addition, the MACD histogram is now starting to turn from negative to positive, and there is also a potential bullish crossover developing.
If buying continues through this week into early March, it is possible that the price will be able to rally to the $75K resistance area; this area was previously a breakout level before the recent decline.
However, if there is a failure to hold these current support levels, the following levels could result in one more new low, making the $68K support area a crucial pivot point that will determine whether March will be a recovery phase or a continuation of the overall correction in the market.
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According to the recent update on X by Ali Charts, if BTC’s price rebounds to approximately $68,731, $97 million, short position liquidations would occur.
This means that the $68,731 area represents a liquidation pocket; an area on the chart where multiple shorts are clustered. Therefore, there is a real potential for some type of volatility spike should bulls be able to trigger a breakout from this level.
Liquidation pockets often serve as magnets for price when compressed volatility prevails in the market, creating considerable uncertainty (perhaps a contrast between $68.71k and $71k).
In conclusion, as March approaches, Bitcoin is trading near a crucial support zone, making the next move highly significant for short-term direction. A sustained hold above this level could allow the price to rebound toward the $71K area, while failure to maintain support may lead to a deeper pullback toward lower levels.
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