Bitcoin Trader Expects Liquidity Grab As BTC Price Returns To $62K
Bitcoin (BTC) made fresh gains after the June 27 Wall Street open as US macroeconomic data came in.
Bitcoin equity is “stacked” above spot value.
Data from Cointelegraph Markets Pro and TradingView showed a daily high of $62,323 in Bitstamp.
Although the first jobless claims came in below expectations, the US unemployment data failed to scare the crypto markets, which have taken a fresh look at the path of inflation.
At the time of writing, BTC/USD was up 2.3% on the day, and traders were hoping that the trajectory could continue to demand liquidity above the spot price.
In an update on X (formerly Twitter), prominent trader Daan CryptoTrades said, “Most of the liquidity is in the upper $59k range.”
“It's going to be an interesting battle over the next two weeks as this new supply is added.”
The accompanying BTC/USDT chart shows the liquidity levels of the BTC/USDT perpetual swap book on major international exchanges.
Colleague Jelle added that the narrative of selling pressure from both the US and German governments had not been heard in the market in recent weeks.
Although the US and German governments have sold coins and MT Gox has finally paid off creditors, Bitcoin's low value seems likely to hold.
Daan Crypto Trades acknowledged another encouraging sign for the second consecutive day of net inflows into US space Bitcoin exchange-traded funds (ETFs).
These managed $21.4 million on June 26, up from $31 million a few days earlier, according to sources including UK-based Farside Investors.
BTC price drop may last 5 months.
Highlighting, Axel Adler Jr, a promoter for on-chain analytics platform CryptoQuant, asked how long BTC prices could last from March all-time highs.
Related: Bitcoin Mayer Multiple Hits Recent Lows With $30K BTC Price
Comparing the recent price action from previous years, he argued that Bitcoin was finally recording the behavior seen at the end of 2019.
“The current market is closely aligned with the 2019-20 correction, making it the most likely scenario for this correction, which has a 5-month high of -46%,” he wrote in X Comment that day.
Adler added that everything can still change – disrupting the situation is a matter of buying pressure of 500,000 BTC ($ 31 billion).
“History is not bound to repeat itself,” he concluded.
“An active buyback of more than 500K BTC could trigger the end.”
In a separate analysis, Adler noted an 18% drop in profits in BTC supply, which corresponds to a general “feeling of pessimism” among Hodler.
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.
