Bitcoin’s price was up 3% after constant drawdowns since the end of January. The top cryptocurrency managed to rebound above $80,000 after a brief decline below the range on March 11.
Bitcoin weekly chart. Source: Cointelegraph/TradingView
After the US core Consumer Price Index (CPI) came in lower than expected at 3.1% on March 12, Bitcoin’s market structure now sees the possibility of a quick bullish turnaround.
Bitcoin liquidity clusters at $84K-$85K
After Bitcoin’s (BTC) price tumbled on March 9, it rebounded to test the overhead resistance zone between $84,000 and $85,000 three times, spurring traders to aggressively build short positions in this range.
The liquidation heatmap data suggested that more than $300 million in short positions were piled in this price region, which would be liquidated if the price moved above the $85,000 resistance.
Bitcoin 1-week liquidation heatmap. Source: CoinGlass
With a lack of