Bitcoin Sees ‘Mother of All Consolidations’ as $40,000 BTC Price Squeeze Fails
Bitcoin (BTC) saw another brief squeeze on the night of March 15 as the bulls still attempted to breach the $40,000 resistance.
Traders uninspired by market composition
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting highs just below the psychological barrier on Tuesday before rallying back to previous levels.
The now all-too-familiar “Bart” formation followed news of the European Union’s rejection of a regulatory mechanism to ban proof-of-work algorithm cryptocurrencies.
The move, while significant, had nonetheless produced little relief in BTC price action.
“Altcoins are again showing a lot of weakness in the BTC pair, as they are falling. Bitcoin continues to consolidate. Not the best signs for the markets, to be honest,” summarized Michaël van de Poppe, contributor to Cointelegraph, in its latest Twitter update to day.
Bitcoin thus remained virtually unaffected by daily timeframes, frustrating a market trapped in a trading range for months.
On-Chain Monitoring Resource Liquidation Data coin glass also showed limited jolts following the latest upside squeeze – BTC liquidations totaled $47 million over 24 hours.
Price action also dashed hopes of a more bullish outcome based on the day-end closing.
$39,000 is king of on-chain volume
Regarding on-chain metrics, however, Lex Moskovsky, CEO of Moskovsky Capital, noted the historical significance of current spot price levels.
Related: Two years since the COVID-19 crash: 5 things to know about Bitcoin this week
More BTC last moved around $39,000 than at any other price level, making March’s behavior what he called “the mother of all consolidations.”
The mother of all consolidations.
The on-chain volume at $39,000 is the largest in the history of #Bitcoins.
The all-time high of 775,000 BTC changed hands at around $38.7. pic.twitter.com/G8C8EBcuD1
— Lex Moskovsky (@mskvsk) March 15, 2022
As Cointelegraph reported, accumulation trends continue to add strength to the $38,000-$39,000 range, which has become particularly popular with whales over the past week.