Bitcoin (BTC) is not about to bottom at just below $17,000, new analysis warns as bid liquidity dries up.
“Nothing illustrates sentiment for a price level like liquidity, and there does not appear to be much sentiment for this price level being the bottom,” Material Indicators commented on a chart of BTC/USD order book activity on Binance.
The day prior, another post argued that there was not “much to be excited about” given current order book volumes, these also showing large-volume traders reducing exposure.
“BTC ranging prices have a lot to do with declining whale interest,” research firm Santiment continued on the topic.
Another chart highlighted what Santiment said was a “correlation” between large transactions of $1 million or more and overall BTC price strength. Those transactions are now at their lowest levels since December 2020.
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