Bitcoin is nearing its highest point in nine days as it kicks off the final week of March, yet many remain cautious about the optimism surrounding BTC's price.

BTC began the "TradFi" week with a rematch against resistance, with data from Cointelegraph Markets Pro and TradingView showing rapid gains for BTC/USD, reaching $69,463 on Bitstamp.

With nearly a 3% increase for the day, Bitcoin swiftly made up for losses from the previous week. However, despite this momentum, the $69,000 mark, which represents the peak of the previous cycle's bull market, continued to serve as a crucial psychological barrier.

Popular trader Skew highlighted the importance of closing above $69K with bullish momentum for sustained positive movement. He also pointed out that significant buy liquidity was observed only at $60,000, with major resistance expected near all-time highs around $74,000.

On the other hand, Keith Alan of trading resource Material Indicators took a cautious stance, warning of the potential downside risks due to a lack of nearby bid liquidity. He emphasized the significance of the monthly close and suggested that despite a fairly bullish longer-term outlook, a retracement could still occur.

Alan noted the concentration of bid liquidity in the $58,000 - $60,000 range, coinciding with the 50-Day MA, which could represent a 20% correction from the recent ATH.

The risk of liquidation loomed large for traders, as data from monitoring resource CoinGlass revealed $50 million of BTC shorts liquidated within a 24-hour period. Additionally, a break above $70,600 would trigger liquidation of $500 million in short leverage, further emphasizing the stakes for those involved in Bitcoin trading.