Home > NEWS > Bitcoin flirts with bid liquidity as BTC price nears new 3-week lows

Bitcoin flirts with bid liquidity as BTC price nears new 3-week lows

Bitcoin bulls struggle to influence the trend as CPI nerves combine with already weak low-timeframe performance.

As information from US regulators came to an end, Bitcoin flowed into the main liquidity when new homes opened on Wall Street on Feb. 13.

The price ratio of bitcoin foreign exchange traders is relatively low.

According to Cointelegraph Markets Pro and TradingView statistics, Bitcoin is trading at $21476 against the dollar in Bitstamp, almost the same as the three-week low last week.

As investment analysts predict that there will be a day of "shock" ahead of the release of key US macroeconomic data, the news that blockchain company Paxos has been sued by the Securities and Exchange Commission has added to market anxiety.

Therefore, the trend of BTC futures price is more and more close to one of the major bidding liquidity industries on Binance order information, which is called "the Great Wall" by Martun, one of the contributions of CryptoQuant, the analysis platform on the chain.

"the Great Wall in Bitcoin (supported by price) is $21500. Some bids were filled this morning. As a result, the strength of the wall has been reduced from $25 million to $19 million.

MaarTunn uses the information to detect the raw material index value of network resources, and the index shows in its own message that the sparse price close to the liquidity cloud has been relocated to a lower position.

In the short term, investors focused on the consumer price index (CPI) data on February 14 to promote the overall trend of risky assets.

Since the collapse, everyone's thoughts have not changed. I didn't see all the swinging double heads with high self-confidence until 20.3k liquidity was sucked away, "popular trader Crypto Chase wrote in the latest upgrade on Twitter.

"there is likely to be a shock today, and CPI should give the latter 'gesture' of tomorrow. In spite of this, there is no doubt that today's core is the sale of ES in the market.

In addition, a survey of data from another trading account, Daan Crypto Trades, shows that expectations for an increase or decline in the sales market after CPI are basically the same.

Another article on the trend of overnight BTC prices added: "this is also the fourth consecutive efficient adjustment of Sunday oil prices or garbage dumps."

As you may know, this is a very common thing, and it is one of the reasons why people tend to be skeptical about the trend of bitcoin on Sunday.

In the stock market, the US dollar stalled before CPI.

The u.s. stock market opened slightly higher this week, with the s & p 500 index up 0.4% and the NASDAQ composite index up 0.6%.

At the time of writing, the US stock index (DXY) made no decision and began to consolidate the week before the sharp rebound.

Tomorrow is an important day, and at 13:30 GMT will release CPI data. Michael Dixon, founder and CEO of Evai, a data encryption and rating service platform, concluded in his vision: "DXY prices are seen around the top of a parallel approach, and no matter which method it is, it will also determine the next important step in replacing bitcoin with other coins in Taihe County."

"the best choice for the dollar is to fall, while the best choice for bitcoin is ve."

The figure shows that DXY within a period of four hours

by wjb news
© 2023 WJB All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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