The Battle for Bitcoin Liquidity Intensifies

Writing about Bitcoin price action and Bitcoin liquidity is far from simple at this time of post-Halving uncertainty, what is certain is that the battle for Bitcoin liquidity is intensifying, even as data from Cointelegraph Markets Pro and TradingView showed that the BTC/USD pair reached local highs of USD 63,876 on Bitstamp before consolidating.

According to information released by William Suberg, "BTC price action improved overnight after seeing lows below USD 61,000, a weakness that persisted despite good U.S. unemployment figures."

It has been noted that, "Analyzing the order book situation, the trading resource Material Indicators marked a significant accumulation of liquidity immediately above the spot price"

In the words of Keith Alan co-founder of Material Indicators, "The order book data on FireCharts shows that there is currently not much supply liquidity at USD 60,000, but there is more at USD 58,000. If the price holds there, it would create a higher low, which is what the bulls want to see."

Another interesting fact, "A move that low would represent a 30% correction from the all-time high. A good portion of the supply liquidity that was forming support in that range moved up to USD 58,000 this week and that provides a clue that sentiment is shifting to the upside, at least for now."

Cointelegraph. Bitcoin still lacks $60K support as BTC price nears $100M liquidity zone. Link

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