Bitcoin (BTC) experienced fresh short pressure on the night of March 15 as the bulls are still trying to clear the $40,000 resistance.
BTC/USD 1-hour light chart (bit-mark). Source: Trading View
Traders who are not inspired by market formation
Data from Cointelegraph Markets Pro and TradingView showed that the BTC/USD pair reached its highest levels below the psychological barrier on Tuesday before returning to previous levels.
Bart’s already familiar formation followed news that the European Union had rejected a regulatory mechanism to ban the PoW algorithm.
While the move was significant, it did little to console BTC price action.
Cointelegraph contributor Michael van de Poppe summed it up in his latest Twitter update for DAY.
Consequently, Bitcoin was virtually unchanged on the daily chart, disappointing a market that had been in a trading zone for several months.
Liquidation data from blockchain monitoring resource Coinglass also showed limited volatility due to the increased pressure of late, with BTC liquidations reaching $47 million in 24 hours.
Cryptographic filter scheme. Source: Coinglass
The price action also met expectations for a more bullish result based on the daily close.
$39,000 is the size king on the web
However, according to the chain’s calculations, Lex Moskovskiy, CEO of Moskovski Capital, noted the historic significance of current spot price levels.
On the subject: Two years after the COVID-19 crash: 5 things to know about bitcoin this week
Lately, bitcoin has risen to around $39,000 compared to any other price point, making March’s behavior he called “the mother of all consolidations.”
As reported by Cointelegraph, accumulation trends continue to strengthen the strength of the $38,000 to $39,000 segment, which has become especially popular among whales over the past week.