Bitcoin continues to move sideways in the $30,000 area. The general sentiment in the market points to extreme fear levels and uncertainty as to the number one crypto by market cap trades without clear direction.
Related Reading | TA: Bitcoin Price Moves Higher In Range, $30.6K Still Presents Resistance
At the time of writing, BTC’s price trades at $29,500 with a 1% profit in the last 24-hours.
BTC’s price moving sideways on the 4-hour chart. Source: BTCUSD Tradingview
Per a report from Arcane Research, Bitcoin has been making history over the past weeks. The current downtrend could be one of the worst since BTC’s inception as the cryptocurrency recently recorded its first eight consecutive weeks in the red.
The research firm claims BTC’s price established important support at $29,000. This level coincides with 2021’s lowest point during the May-July bearish price action.
Therefore, it should operate as strong support and as an important point to determine any future price action. If this level fails, Bitcoin could retest the $25,000 mark and the $20,000, which stands as the cryptocurrency’s previous all-time high.
Data from Material Indicators and Jarvis Labs provides clues about what is brewing in the market after the recent major move to the downside. During this time, the market usually enters a long consolidation period as liquidity pools below and above BTC’s price are formed.
Jarvis Labs claimed liquidity at $40,000 and $45,000 has been increasing in the past two weeks. Conversely, the liquidity around $28,000 and $25,000 experienced a surge.
Large market participants are usually incentivized to move the price of a cryptocurrency towards those liquidity pools. This suggests a potential retest of BTC’s price current lows and critical support zone to grab liquidity below before the cryptocurrency can move higher. The opposite could be in the cards.
Source: Jarvis Labs via Twitter
Who Is Buying The Bitcoin Dip?
Additional data provided by…
Click Here to Read the Full Original Article at NewsBTC…
