Bitcoin Trader Hopes for Liquidity Snatch as BTC Price Returns to $62K

Bitcoin bulls seek a more convincing BTC price rebound as ask liquidity sits piled high between spot and $70,000.

Bitcoin Liquidity “Stacked” Above Spot Price

• Data from Cointelegraph Markets Pro and TradingView showed daily highs of $62,323 on Bitstamp.
• Despite initial jobless claims coming in below expectations, U.S. unemployment data failed to spook crypto markets into fresh concerns over the path of inflation.
• BTC/USD was up 2.3% on the day at the time of writing, and traders hoped that trajectory could be sustained in order to take ask liquidity above the spot price.
• Popular trader Daan Crypto Trades noted in part of an update on X (formerly Twitter):

“It will be an interesting battle over the next couple of weeks with this new supply overhang added.”

BTC Price Drawdown Could Last 5 Months

• Zooming out, Axel Adler Jr, a contributor to on-chain analytics platform CryptoQuant, queried how long the BTC price retracement from March’s all-time highs could last.
• Comparing recent price action from years past, he argued that Bitcoin was copying behavior last seen at the end of 2019.
• Adler added that all may still change — disrupting the status quo was a matter of 500,000 BTC ($31 billion) in buying pressure.

In separate analysis, Adler showed an 18% decrease in the portion of the BTC supply in profit, corresponding to an overall feeling of “pessimism” among hodlers.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.