Bitcoin (BTC) saw another short squeeze overnight on March 15, with bulls still trying to break the $40,000 resistance.
BTC/USD 1-hour candlestick chart (bit stamp). Source: TradingView
Traders not inspired by market composition
Data from Coin-Crypto Markets Pro and Trading Display showed that BTC/USD peaked just below the psychological barrier on Tuesday before returning to previous levels.
The all-too-familiar “Bart” formation followed news that the European Union had rejected a regulatory mechanism to ban cryptocurrencies with proof-of-work algorithms.
The move, while significant, nevertheless had brought little relief to BTC’s price action.
“Altcoins are again showing a lot of weakness in the BTC pair as they are falling. Bitcoin is still consolidating. Not the best signs for the markets, to be honest,” CoinTelegraph contributor Michaël van de Poppe summarized in his latest Twitter update on the day.
Bitcoin thus remained practically unmoved on daily timeframes, frustrating a market that was stuck in a trading range for months.
Liquidation data from on-chain monitoring source coin glass also showed limited shakeouts due to the latest pressurization – BTC liquidations totaled $47 million over 24 hours.
Graph for crypto liquidations. Source: Coinglass
The price promotion also raised hopes for a more bullish result based on the closing date.
$39,000 is an on-chain volume king
However, in terms of on-chain stats, Moskovski Capital CEO Lex Moskovski noted the historical importance of the current spot price levels.
Related: Two years since the COVID-19 crash: 5 things to know in Bitcoin this week
More BTC last moved around $39,000 than at any other price point, making March’s behavior what he called “the mother of all consolidations.”
The mother of all consolidations.
The $39k on-chain volume is the largest in the entire history of #Bitcoin†
Record 775k BTC changed hands at about $38.7. pic.twitter.com/G8C8EBcuD1
— Lex Moskovsky (@mskvsk) March 15, 2022
As Coin-Crypto reported, accumulation trends continue to bolster the strength of the $38,000-$39,000 bracket, which has become particularly popular with whales over the past week.