As a seasoned crypto investor with a keen eye for market trends and technical analysis, I find the current Bitcoin (BTC) price action intriguing. The recent surge past $63,000 on May 10 was a testament to the ongoing liquidity battle between buyers and sellers.
Bitcoin (BTC) returned to $63,000 on May 10 as overhead liquidity thickened past $100 million.
Bitcoin liquidity battle heats up
As a crypto investor, I closely monitor the market data from reliable sources like CryptoMoon Markets Pro and TradingView. Recently, I noticed an intriguing trend with BTC/USD. It surged to reach local peaks of $63,876 on Bitstamp before taking a pause for consolidation.
As a crypto investor, I’m relieved to see an improvement in Bitcoin’s price action overnight. Despite the strong US unemployment numbers, the Bitcoin price dipped below the $61,000 mark, indicating some weakness in the market that persisted.
Examining current order books, the technical indicators identified a noticeable accumulation of ask offers just above the market price.
As a crypto investor, I can tell you that based on data from FireCharts’ proprietary trading tool, over $100 million was traded between the prices of $63,000 and $65,000 in a single day.
In historical intratrend fights, the party boasting the greatest liquidity advantage tends to emerge victorious. (X’s comment section)
Yesterday, I closely followed the analysis provided by Material Indicators’ co-founder, Keith Alan. He shared insightful information about possible support levels for Bitcoin in case of a further price drop.
“Obvious targets take us first to the historical consolidation range of $58k – $60k,” he wrote.
“Order book data in FireCharts shows that there isn’t currently a lot of bid liquidity at $60k, but there is a more at $58k. If price holds there, it would create a higher low which is what bulls want to see.”
Alan placed great importance on the current 21-week moving average of $56,127 and warned that a breakdown below the nearby support at $52,000 could ensue if this level were to be breached.
As a researcher analyzing market trends, I’ve observed that a decrease in price approaching the 30% mark from the all-time high could signal a correction. Notably, a significant portion of bid liquidity, which previously supported the price range around this level, has moved up to $58k during the current week. This shift suggests an emerging upward trend in sentiment, at least momentarily.
“Of course, nothing changes sentiment like price movement so, if bears manage to push price below $58k we will either see sentiment strengthen in the $50k – $52k range or start shifting towards the mid $40s.”
BTC price “simply holding range low”
As a crypto investor, I’ve noticed that, according to well-known trader and analyst Rekt Capital, the current market landscape shows few indications of significant change.
As a researcher studying the cryptocurrency market, I would describe the current situation with Bitcoin by saying, “I’m observing that Bitcoin has been maintaining its position at the lower end of its recent range as support, following the extended downturn indicated by last week’s large wick.”
As a researcher studying the Bitcoin market, I’d like to offer an alternative way to describe the accompanying chart and its relevance to the recent price moves of Bitcoin. This chart sheds light on how the BTC price has responded historically during the aftermath of April’s block subsidy halving. Rekt Capital, a reputable analyst in the crypto community, had previously pointed out that this year’s event did not significantly differ from previous occurrences.
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2024-05-10 16:39