Bitcoin: Can liquidity hunt drive BTC to $36K?
Disclaimer: The knowledge offered doesn’t represent monetary, funding, buying and selling, or different forms of recommendation and is solely the author’s opinion.
- A large value imbalance existed between $30.2k and $32.8k on the every day chart.
- At press time, open and present liquidity existed at $35.6k and $35.9k.
Bitcoin [BTC] hit a brand new 2023 excessive of $35.2k after BlackRock recorded progress on its spot BTC ETF (Change Traded Fund). However the report on the progress was shortly dispelled as BTC’s rally cooled off to $34k at press time.
Learn Bitcoin [BTC] Value Prediction 2023-24
Can Bitcoin prolong the restoration
Supply: BTC/USDT on TradingView
On the charts, particularly the every day timeframe, value imbalance and liquidity existed within the white space of $30.2k – $32.8k.
A Fibonacci retracement device was plotted between September’s low of $24.9k and up to date excessive of $35.2k. Based mostly on the device, the liquidity on charts stretched between 50% and 23.6% Fib ranges.
As well as, the 50-EMA (Exponential Shifting Common) aligned with the 38.2% Fib stage. It might make the white space a bullish zone. A stable rebound within the space might set BTC to purpose for $35.2k or the bearish OB of $37k-40k (purple) fashioned on 4 Could 2022.
The optimistic readings of the RSI and CMF indicated that the king coin loved huge shopping for strain and capital inflows prior to now few days.
Extra liquidation zones at $35.6 and $35.9k
Supply: Hyblock
BTC’s market bias was bearish, as proven by the optimistic CLLD (Cumulative Liquidation Ranges Delta). CLLD tracks the distinction between open lengthy and brief liquidations over time. The optimistic (inexperienced) readings indicated that extra lengthy liquidations had been recorded – A bearish bias.
How a lot are 1,10,100 BTCs price at this time?
On the Liquidation Profile, main and present liquidation zones (bigger bubbles) existed at $35.9k, $35.6k and $34.4k (blue traces on the upper facet).
It meant that open liquidity existed at these ranges. So BTC might see sturdy value reactions at these ranges earlier than a retracement in the direction of the worth imbalance on charts at $32.8k – $30.2k.
