Bitcoin 

BTC

$17,415

 saw a fresh brief short squeeze overnight on March 15 with bulls still attempting to crack $40,000 resistance.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Traders uninspired by market composition

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching highs just short of the psychological barrier Tuesday before returning to previous levels.

The now all-too-familiar Bart formation followed news that the European Union had rejected a regulatory mechanism to ban proof-of-work (PoW) algorithm cryptocurrencies.

The move, while significant, had nonetheless produced little relief in BTC price action.

“Altcoins are again showing a lot of weakness in the BTC pair, as they are dropping. Bitcoin still consolidating. Not the best signs for the markets, to be honest,” Cointelegraph contributor Michaël van de Poppe summarized in his latest Twitter update on the day.

Bitcoin thus remained practically unmoved on daily timeframes, frustrating a market trapped in a trading range for months.

Liquidation data from on-chain monitoring resource Coinglass, likewise, showed limited shakeouts as a result of the latest squeeze higher — BTC liquidations totaled $47 million over 24 hours.

Crypto liquidations chart. Source: Coinglass

The price action likewise put pay to hopes of a more bullish outcome based on the daily close.

$39,000 is an on-chain volume king

Turning to on-chain metrics, however, CEO of Moskovski Capital Lex Moskovski noted the historical significance of current spot price levels.

Related: Two years since the COVID-19 crash: 5 things to know in Bitcoin this week

More BTC last moved at around $39,000 than at any other price point, making March‘s behavior what he called “the mother of all consolidations.”

As Cointelegraph reported, accumulation trends are continuing to reinforce the strength of the $38,000-$39,000 bracket that is becoming particularly popular with whales over the past week.