Bitcoin has experienced a correction down to $23,000 over the weekend; with the recent downtrend, the Bitcoin price action needs a significant push above its resistance to confirm a continuation of the bullish trend that began in early 2023.

BTC has recently held above the $22,700 level, preventing further price declines. After a full-throttle uptrend since January, BTC has seen a correction to low levels since last week, dropping to $22,700. BTC succumbed to the selling pressure. 

With the current price action of BTC and the uncertainty of the direction of the next move of the largest cryptocurrency in the market, the total amount of liquidations data has increased over the past few days, with almost $200 million in positions liquidated since February 22nd, according to Coinglass data. 

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