Bitunix Analyst: Volatility Pressure Amid Liquidity Withdrawal, BTC Returns to 67.5K, Targeting 70K Liquidation Zone

On March 30, the market focus has shifted from data to liquidity itself. The delayed handling of the Middle East situation has left risks hanging for an extended period; meanwhile, the spread between buying and selling U.S. Treasury bonds has widened by about 27%, and some market liquidity has temporarily dropped to around 10% of normal levels. This indicates a contraction of market makers and a reduction in counterparties, causing the market to shift from ‘active trading’ to ‘passive matching,’ making prices more susceptible to liquidation-driven movements. This week features a series of key data releases: China’s PMI on Tuesday, the U.S. ISM and ADP on Wednesday, and non-farm payrolls on Friday. In an environment of discontinuous liquidity, these events are more likely to amplify volatility rather than provide direction. Returning to BTC, the previous largest liquidity was concentrated around 67,500 and 65,100, which has now been cleared, indicating that a round of deleveraging has occurred. The current price has returned to around 67.5K, re-entering a new liquidity gaming zone. If the price can stabilize above this level, it suggests effective support below, with the next clear liquidity target shifting towards the 70K area; however, until overall liquidity is restored, price movements remain primarily driven by liquidation, necessitating cautious observation for continuity.