Bitcoin (BTC) saw a fresh brief short squeeze overnight on March 15 with bulls still attempting to crack $40,000 resistance.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Traders uninspired by market composition
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching highs just short of the psychological barrier Tuesday before returning to previous levels.
The now all-too-familiar “Bart” formation followed news that the European Union had rejected 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 dropping. Bitcoin 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 trapped in a trading range for months.
Liquidation data from on-chain monitoring resource Coinglass likewise showed limited shakeouts as a result of the latest squeeze higher — BTC liquidations totalled $47 million over 24 hours.
Crypto liquidations chart. Source: Coinglass
The price action likewise put pay to hopes of a more bullish outcome based on the daily close.
$39,000 is an on-chain volume king
Turning to on-chain metrics, however, Lex Moskovski, CEO of Moskovski Capital, noted the historical significance of current spot price levels.
Related: Two years since the COVID-19 crash: 5 things to know in Bitcoin this week
More BTC last moved at 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.
On-chain volume at $39k is the largest in the entire history of #Bitcoin.
Record 775k BTC changed hands at around $38.7. pic.twitter.com/G8C8EBcuD1
— Lex Moskovski (@mskvsk) March 15, 2022
As Cointelegraph reported, accumulation trends are continuing to reinforce the strength of the $38,000-$39,000 bracket, this becoming particularly popular with whales over the past week.