Bitcoin flirts with bid liquidity as BTC price nears new 3-week lows
Bitcoin (BTC) drifted into significant liquidity at the Wall Street open on Feb. 13 as the dust settled on news of United States regulation.
BTC traders cut rates
Data from Cryptooshala Markets Pro and trade view showed BTC/USD $21,476 on Bitstamp, almost in line with three-week weekend lows.
As analysts anticipated a “turbulent” day ahead of key US macroeconomic data, the news that the Securities and Exchange Commission (SEC) is suing blockchain firm Paxos added to the market’s nerves.
As such, the BTC spot price movement approached the main order liquidity area on the Binance order book that Maartunn, a member of the CryptoQuant network analytics platform, dubbed “Great Wall.”
The “Great Wall” (price support) of Bitcoin is valued at $21,500. This morning some applications were filled. Thus, the strength of the wall has been reduced from $25~27 million to $19 million,” he said.
Maartunn used data from the monitoring resource Material Indicators, which in its own comments showed that thinning orders at the top of the liquidity cloud are moving lower.
#BTC PA behaves as expected after #Death cross on the weekly chart. The supply wall ~ $24.4 thousand is still above the trend line. At first glance, it looks like liquidity has been taken, but with a simple adjustment of the Volume Percentile filter, we can see that ~$6 million has been taken down. pic.twitter.com/2OGe7tjOpu
— Material indicators (@MI_Algos) February 13, 2023
In the short term, all eyes were on the Feb. 14 Consumer Price Index (CPI) to move risky assets en masse.
“Thoughts remain the same from the moment of the breakdown. I don’t see any long positions with high credibility until 20.3k liquidity is withdrawn,” Popular Trader Crypto Chase. wrote in the latest Twitter update.
“Today is likely to be unsustainable and CPI needs to secure the next move tomorrow. With that said, today I will focus on $ES intraday trades.“
A survey Meanwhile, Daan Crypto Trades showed roughly equal expectations for the market to rise or fall after the CPI.
“This is the fourth time in a row that a Sunday pump or dump quickly recovers,” a separate post. added about the price movement of BTC overnight.
“As you guys probably know, this is a very common occurrence and is the reason to always be skeptical about BTC movement over the weekend.”
Stocks, dollar flatter than water before CPI
US stock indices opened the week with a slight increase: the S&P 500 and Nasdaq Composite rose by 0.4% and 0.6%, respectively.
First Weekly Death Cross – 5 Things You Need to Know About Bitcoin This Week
The US Dollar Index (DXY) was hesitant at the time of writing as it consolidated after a strong bounce a week ago.
“Tomorrow is a big day: CPi data will be published at 13:30 GMT. DXY price is seen around the top of the parallel channel with a decisive breakout in either direction to define the next big move for Btc Ethereum and other altcoins.” – Matthew Dixon, Founder and CEO of Crypto. rating platform Evai, summarize about outlook.
“Preferred down direction for USD, which would be +ve for BTC.”
The attached chart showed DXY on the 4 hour time frame.
The views, thoughts and opinions expressed here are those of the authors only and do not necessarily reflect or represent the views and opinions of Cryptooshala.
Credit : cointelegraph.com