Bitcoin has dropped over 3% on March 9, raising concerns about its potential to crash further towards $75,000 as it approaches the weekly close. Traders are closely monitoring exchange order books, where liquidation levels indicate significant activity. Popular trader TheKingfisher noted that many long positions face liquidation around $84,300, with short positions stacked near $86,500 to $87,000. Current 24-hour crypto liquidations exceed $300 million, with bid liquidity just below $83,000. Some analysts, including Mikybull Crypto, suggest a retest of the 50-week simple moving average (SMA), which could serve as a local bottom. Historically, the Lowest Price Forward tool estimates that Bitcoin is unlikely to drop below $69,000, which aligns with its prior all-time high. This projection suggests a potential correction of 37% from its current levels. Overall, market participants are grappling with whether Bitcoin will stabilize or plunge further in the coming days.

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