Bitcoin Breaks Down Ahead of Friday’s Volatility

by Justin Bennett  · 

March 9, 2023

by Justin Bennett  · 

March 9, 2023

by Justin Bennett  · 

March 9, 2023

Twenty-four hours ago, I wrote about a potential $18,400 target for Bitcoin this month.

Today, BTC is down over six percent and risks losing several key supports ahead of Friday’s non-farm payroll (NFP).

It’s currently trading well below $21,500, which was support at the start of Thursday’s session.

And it’s now dropping below the January 18th low at $20,385.

A daily close below that flips the $20,400-$20,700 region to resistance and puts direct pressure on my $18,400 March target.

Furthermore, Bitcoin took out the first block of liquidations today around the $21,000 mark.

However, if you saw yesterday’s article, you know that the larger liquidity pool sits just above key support at $18,400.

So that’s the next target for BTC unless bulls can reclaim some key areas, starting with $20,700.

And with the volatility from Friday’s NFP, I wouldn’t be surprised if we see Bitcoin trend toward $18,400 sooner rather than later.

The $18,400 area will be a must-hold level for bulls if we see Bitcoin test it.

A higher time frame close back inside the “FTX range”, which is anything below $18,400, would be incredibly bearish for the crypto market.

BTCUSDT daily time frame

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