Bitcoin reaches ‘main leg low’ as BTC price nears $80k – Trader
Bitcoin (BTC) divides opinion as BTC price surge over the weekend takes BTC/USD to $80,000.
BTC/USD 1-Hour Chart. Source: TradingView
Mixed reactions as Bitcoin sees weekly surge
According to data from Cointelegraph Markets Pro and TradingView, Bitcoin is gaining almost $2,000 per hourly candle on November 10.
Bulls appear to be taking advantage of thin liquidity to propel the market higher, in line with recent weekend price trends, Cointelegraph reports.
However, with BTC/USD up nearly 3% on Sunday, some are already skeptical.
“A weekend with low liquidity is always a complete backlog btw,” noted analyst WhalePanda told his followers on X.
Keith Allen, founder of trading resources Material Indicators, reiterated that “some reversals” are needed during the BTC price rally.
“Of course, weekends are games for whales, and we're in price discovery, so at this point, I'm more focused on weekly and monthly records for Bitcoin,” he wrote in a recent X post.
BTC liquid temperature map. Source: CoinGlass
This week, Bitcoin is currently up about 15%, Cointelegraph previously reported at $71,500, because the key line in the sand bulls needs to trigger the next “parabolic” level.
Analyzing the movement of the order book, the popular trader Skew explains the large-volume traders' mechanism behind the current price action.
These entities drive the market low with “spoof” liquidity requests, but then bids are filled with artificially low local prices.
“The last part is that you convert the % to price to create a price increase – this makes algos competitive.
BTC/USDT 1 minute chart. Source: Skew/X
“I'd like to see new passive auctions go up soon to support pricing and increase buying speed in pricing,” added Skew, adding more X post, “$80K seems to be the target.”
The trader sees the risk of a BTC price decline below $50,000
It is also a reputable crypto trader and analyst who is concerned about the upcoming market U-turn.
RELATED: Bitcoin Price Needs 2 Months To Return ‘Above Macro Trend' – Forecast
Already set for a BTC price correction, the credible crypto doubled on that forecast over the weekend, targeting below $50,000.
“To be clear, what I'm trying to say is that I think we're getting closer to the top (and BTC as well) than expected,” he said.
That spill would result in a “big leg down,” he added.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
