Bitcoin bids and offers are piling up around the BTC spot price

Bitcoin price action remains parked in the range we have been indicating between $65,000 and $66,000, behavior that for bulls is a good indication that will power the next move higher.

Indeed Bitcoin bids and offers are piling up around the spot price of BTC as reflected by William Suberg in his most recent article uploaded on the Cointelegraph portal, who noted that "Bitcoin stalled its rally after halving at the Wall Street open on April 22, as a "sea" of automated trading algorithms sold BTC."

The aforementioned article also inferred that, "Bids and offers squeeze BTC price. Data from Cointelegraph Markets Pro and TradingView showed that BTC price momentum slowed after reaching weekly highs of USD 66,546 on Bitstamp"

An important fact to note is that, "Despite a promising rebound from the previous week's lows, Bitcoin faced stiff resistance on the day, with buyers outnumbered."

On the other hand, and according to popular trader Skew on X (formerly Twitter) "So far, the spot flow is basically one individual bid versus a sea of algorithmic selling. Could be a boring session until later."

Cointelegraph. Bitcoin algos sell at Wall Street open as BTC price struggles at $66K. Link

The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph