The market went through something similar to a reset that is essentially making a proper recovery possible in March when multiple breakthroughs line up properly.
Bitcoin between liquidity clusters
The $70,000 range has essentially turned into the most fiercely defended price level on the chart, as Bitcoin is once again trapped in a narrow battle zone. The way the market is currently set up, Bitcoin is wedged between fierce overhead resistance and liquid support below.
Technically speaking, Bitcoin is still trading below major moving averages as it tries to level off following a steep drop. A narrow consolidation pattern, that shows hesitation rather than unambiguous directional confidence, is being formed by the sideways grinding price action.
Every attempt to push higher is met with strong selling pressure close to the upper boundary, strengthening the resistance wall between $69,000 and $70,000. The structure implies that although buyers are active, they are not yet powerful enough to take back control.
Key BTC zones
This range is particularly significant because of the enormous liquidity concentration shown by the most recent 24-hour BTC liquidation heatmap. The battlefield is characterized by two major liquidity clusters: the first is located around $69,000, a heavy short liquidation zone, and the second cluster, situated at about $66,000, is full of lengthy dense liquidations that might be swept if the price falls.
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The market is responding to leverage positioning as well as price levels. Liquidations increase momentum, so whichever side breaks first could start a domino effect. A breakdown below support could hasten selling pressure through lengthy liquidations.
The image of indecision is reinforced by volume behavior, as sharp moves cause spikes to appear, but they soon disappear, suggesting that big players are holding off on making a commitment until they have confirmation.
Ethereum moves forward
Following months of structurally lower highs and numerous attempts to sustain recovery, the most recent move above the 100 EMA represents a significant shift in short-term momentum.
According to the chart, Ethereum had been trading below important moving averages for a while, and the 26, 50 and 200 EMAs were all stacked in a bearish manner.
Price action broke sharply from the previous support zone near $2,800 and then gradually compressed near the $1,900-$2,000 region.
The decline accelerated, and a bearish continuation phase was confirmed when that zone, which had served as a long-standing floor, gave way. The recent surge above the 100-day mark indicates that there is less pressure to sell in the near future.
Ethereum’s potential for more
The push higher resulted in an increase in volume, which is significant because prior attempts at recovery were unpopular and quickly faded. This time the move followed a string of smaller higher lows and consolidation, suggesting that sellers were losing control prior to the breakout.
The 200-day average is still above as a significant resistance level, and Ethereum is still trading below the longer-term moving averages. In the past, recovering the 100-day average has frequently signaled the start of a transitional phase, as opposed to an abrupt trend reversal.
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The breakout, in this case, should be seen as a technical advancement rather than an indication of a complete recovery. If buying pressure continues, momentum may continue, as it has recovered from oversold territory and is entering neutral levels.
Keeping the price above the recently recovered average and turning it into dynamic support will be Ethereum’s next major challenge.
Shiba Inu’s direction unclear
With price action confined inside a declining structure that has determined its short-term direction for weeks, Shiba Inu enters March at an intriguing technical crossroads. SHIB is still under a lot of pressure on the longer time frame chart, trading below important moving averages that are still sloping lower.
However, if one particular condition is met, namely a clean breakout from the descending triangle formation, the lower time frame, especially the four-hour chart, shows early indications that momentum could shift. The classic conflict between persistent sellers and stabilizing demand is reflected in the descending triangle that can be seen on the four-hour time frame.
Although bears are still in control of the overall trend, lower highs continue to push the price toward a comparatively flat support zone, indicating that they have been progressively losing strength. The current configuration is noteworthy because, as the pattern develops, volatility has been declining.
For March to be bullish, SHIB must break above the declining trendline with strong volume. Prior recovery attempts were swiftly rejected, primarily due to insufficient buying pressure to validate reversal attempts.
