Bitcoin, with bulls approaching $70,000, starts the first week of the new halving period in a combative mode. A successful halving potentially revitalizes Bitcoin price movements after initiating the latest chapter or period in Bitcoin’s history. After a week of volatility and a six-week low, Bitcoin definitely tested investors’ resolve; has the market left the worst behind? Let’s explore together.
What’s Happening on the Bitcoin Front?
Following an uneventful weekly close, the BTC/USD pair rose above $66,000, the highest level since April 15, boosting the price. According to TradingView data, the pair is currently hovering around the $66,000 level, becoming the main focus for investors before the first Wall Street opening of the week.
Last week passed with sales during United States trading hours. Analyzing the current order book setup, Keith Alan, co-founder of Material Indicators trade source, saw a large block of sell liquidity just above the spot price and shared the following in a post on X:
“This large block liquidity demand for Bitcoin seems to have been placed to prevent the closure of Green W. I speculate that one of the ETF institutions put this in place before TradFi markets opened to prevent the price from returning to the $70,000 range and to have a chance to buy at the bottom.”
Alan noted that this liquidity was not provided while Wall Street was closed and shared the following on the matter:
“Actually, the reason for no sales coming over the weekend might be this. After all, it’s of no use to them when they can’t buy. I expect some volatility on Monday.”
Prominent Analyst Makes Noteworthy Statement
According to the latest order book data from CoinGlass, Bitcoin has consumed some of the liquidity at the time of writing this article, with the majority around $66,600. Despite reaching the highest levels of the week, CoinGlass also shows that the BTC/USD pair did not liquidate many short positions, only reaching $17 million in the last 24 hours.
Continuing his remarks, popular investor and analyst Skew described the weekly close at $65,000 as quite good and made striking statements on X:
“The $65,000 – $66,000 area is a relatively sticky region for the HTF trend. I think today’s 4-hour trend will lead to higher time frame confirmations, so I’m mainly focusing on this.”
