Bitcoin

<h2 id="quick-take">Quick Take</h2>
<ul>
<li>Yesterday, Bitcoin saw price levels of over $29,000 and as low as $27,300, but CryptoSlate believes this is due to an illiquid market.</li>
<li>Bitcoin liquidity has dropped considerably in 2022 and has only gotten more illiquid into 2023, meaning price action for Bitcoin can move in either direction quickly.</li>
<li>Due to the illiquid market, futures open interest dictates the price action. The total funds allocated in open futures contracts is roughly 350k, heading towards year-to-date lows.</li>
<li>We can see notable spot price action when Bitcoin reached $27,000.</li>
<li>For the short-term, most definitely, we expect the volatility to continue in Bitcoin.</li>
<li>As a result, in the past 24 hours, we have seen over $350 million in liquidations, both short and long-term.</li>
</ul>
<figure id="attachment_321025" aria-describedby="caption-attachment-321025" style="width: 1254px" class="wp-caption aligncenter"><img class="wp-image-321025 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/04/kaiko.png" alt="Market Depth: (Source: Kaiko)" width="1254" height="704" srcset="https://cryptoslate.com/wp-content/uploads/2023/04/kaiko.png 1254w, https://cryptoslate.com/wp-content/uploads/2023/04/kaiko-300x168.png 300w, https://cryptoslate.com/wp-content/uploads/2023/04/kaiko-1024x575.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/04/kaiko-768x431.png 768w" sizes="(max-width: 1254px) 100vw, 1254px" /><figcaption id="caption-attachment-321025" class="wp-caption-text">Market Depth: (Source: Kaiko)</figcaption></figure>
<figure id="attachment_321026" aria-describedby="caption-attachment-321026" style="width: 1262px" class="wp-caption aligncenter"><img class="wp-image-321026 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/04/trades.png" alt="BTC: (Source: Trading View)" width="1262" height="696" srcset="https://cryptoslate.com/wp-content/uploads/2023/04/trades.png 1262w, https://cryptoslate.com/wp-content/uploads/2023/04/trades-300x165.png 300w, https://cryptoslate.com/wp-content/uploads/2023/04/trades-1024x565.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/04/trades-768x424.png 768w" sizes="(max-width: 1262px) 100vw, 1262px" /><figcaption id="caption-attachment-321026" class="wp-caption-text">BTC: (Source: Trading View)</figcaption></figure>
<p>The post <a rel="nofollow" href="https://cryptoslate.com/insights/assessing-bitcoins-price-action-over-the-last-12-hours/">Assessing Bitcoins price action over the last 12 hours</a> appeared first on <a rel="nofollow" href="https://cryptoslate.com">CryptoSlate</a>.</p>

Assessing Bitcoins price action over the last 12 hours

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