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Market News Bitcoin bids fall to their lowest level since March as the price of bitcoin falls below $25.7K

Bitcoin bids fall to their lowest level since March as the price of bitcoin falls below $25.7K

The bids for Bitcoin have reached their lowest point since March, coinciding with a decline in the price of BTC below $25.7K

TOP1 Markets Analyst
2023-09-07
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BTC price motion illustrates a tug of war between weak bulls and bears, but Bitcoin's demise is unavoidable.


A new research warns that Bitcoin's upward momentum is "fading" as liquidity swings foreshadow a turbulent move.


Keith Alan, co-founder of monitoring resource Material Indicators, highlighted new movements on the Binance order book in an X post on September 6.

Analyst: Both Bitcoin bulls and bears lack "real strength"

Since the weekend, the price of Bitcoin has remained firmly rangebound, but exchange data suggests that this may be changing.


Alan warned of "concerning" fluctuations in liquidity when he published a snapshot of the BTC/USD order book on Binance.


On the day, bid support dropped down to concentrate around $24,600, a price level not seen on spot markets since March.


"What is most concerning here is that the largest concentrations of BTC bid liquidity have now moved below the previously established Lower Low at the bottom of the range," according to a section of the accompanying analysis.


According to statistics from Cointelegraph Markets Pro and TradingView, BTC/USD saw its lowest post-March fall in mid-June, touching $24,750 before turning higher.

Screen Shot 2023-09-07 at 10.57.33 AM.png

BTC/USD 1-week chart Source: TradingView


Alan went on to say that he expected a similar bounce from current spot levels before any downside returned.


"From a macro perspective, I do expect to see price breakdown eventually, so printing a new LL isn't surprising," he added. "However, I do expect to see a stronger short term rally from this range before that happens."


However, bears have yet to completely acquire the upper hand.


"At this point, I'm not seeing either side establish any real strength; in fact, IMO, this move indicates that bullish momentum and sentiment appear to be fading rather than strengthening," he added.


“Whatever the case, I do not trust those buy walls to just sit there and get filled.”


Screen Shot 2023-09-07 at 11.00.05 AM.png

BTC/USD order book data for Binance. Source: Keith Alan/X


Alan previously identified $24,750 as the line in the sand that bulls must keep in order to protect the overall Bitcoin price upswing.

Another big move brewing” for Bitcoin

Skew, a popular trader, agreed that volatility would resume soon, pointing to activity on futures markets.


Screen Shot 2023-09-07 at 10.51.58 AM.png


Credible Crypto, a fellow trader known for his relative optimism about BTC price prospects, likewise thought that the drop would be restricted to the upper $24,000 level.


"The local low on major liquid/spot exchanges is at 25.2k," he said to X subscribers that day, along with an explanation chart.


“Would love to see those lows taken while still holding the higher timeframe low at 24.8k (which is the more important one) before a reversal back up to fill the inefficiency above us into supply (red).”


Screen Shot 2023-09-07 at 11.01.27 AM.png

BTC/USD annotated chart. Source: CredibleCrypto/X


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