BTC Price Targets $35,000 as Bitcoin Faces ‘Massive’ Liquidity Crunch

The latest BTC price analysis claims that if the Bitcoin price rises to around $30,000, it will trigger “massive” liquidations.

Bitcoin $28,386 on April 2 holds its highest weekly close in 10 months at $28,000.

BTC Price Analyst: ‘Massive’ Liquidations Due at $30,000

Data from Cointelegraph Markets Pro and TradingView showed that Bitcoin remained stable against the U.S. dollar over the weekend after closing March around $28,500.

The current trading zone is a key resistance point early in the current halving cycle and is a major hurdle for bulls to overcome. If they can do so, the price target now exceeds the $30,000 mark.

“Bitcoin has been consolidating below its biggest resistance/support of the past 2+ years,” analyst Matthew Hyland summarized in his latest tweet about BTC.

“If BTC breaks it, it’ll be a whole new ball game. Nasdaq and S&P close stronger on weekly basis. Major pessimism and skepticism remain while major milestones for stocks/bitcoin are approaching.”

Popular Twitter account Byzantine General predicts that a breakout above the spot price resistance will lead to a sea of ​​liquidations, resulting in further upward momentum.

One tweet from the day said: "Feels like some bears are trying very desperately to defend the 29k to 30k area."

“I think when that level is broken, a lot of liquids will come rushing in. It really feels like a matter of ‘when’ rather than ‘if’ because there is zero froth in the market and only some spot supply.”

The accompanying chart shows the Binance BTC/USDT order book, as well as bid and ask liquidity concentration by price level.

However, on the shorter time frames, traders are content to wait for a weekly close to consolidate previous gains.

“Looks like a rangebound move for corn this weekend with bulls looking to continue reclaiming the $28,750 range high. Until we cool off,” Crypto Tony tweeted that day.

Others are more pessimistic, including trading resource Stockmoney Lizards, which describes a correction before BTC/USD hits $30,000 as “very likely.”

Bitcoin bulls increased another 23% in March

Despite this, last month managed to crown itself as one of the best Marches for Bitcoin.

BTC/USD’s 23% gain almost matches its performance in 2021, while 2013 remains the most volatile year, according to Coinglass.

Bitcoin’s trajectory has generally been similar to these two years, with at least three months “in the green” before major consolidation begins.

C3 Tip: The views, thoughts and opinions expressed here are the author's own and do not constitute investment advice or recommendations. Every investment and transaction involves risk.