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 <p class="is-style-lead">One trader believes Bitcoin (BTC) has <a rel="noopener noreferrer nofollow" title="bottomed" href="https://thebittimes.com/tag/bottomed.html">bottomed</a>, referencing CryptoQuant data. His preview is despite a parallel <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> by Mike McGlone, a Bloomberg analyst, who notes that the coin is still <a rel="noopener noreferrer nofollow" title="struggling" href="https://thebittimes.com/tag/struggling.html">struggling</a> with <a rel="noopener noreferrer nofollow" title="negative" href="https://thebittimes.com/tag/negative.html">negative</a> <a rel="noopener noreferrer nofollow" title="liquidity" href="https://thebittimes.com/tag/liquidity.html">liquidity</a>.</p>
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    <p lang="en" dir="ltr">$BTC – The Bottom Has Passed But Still Attractive Price<br><br>"The attached chart shows Bitcoin in Google Trends and Bitcoins estimated to be purchased between 1 week and 1 month ago."<br>by @DanCoinInvestor <br><br>Linkhttps://t.co/Ri3x8DuEyv</p>— CryptoQuant.com (@cryptoquant_com) October 4, 2023
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 <p>The analysis is anchored on the link between public sentiment and Bitcoin prices. Often, high optimism signals a market peak.</p>
 <p>CryptoQuant uses Google Trends data and coins purchased in the past month to support this preview.</p>
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 <p>Presently, data indicates low public interest in Bitcoin, suggesting that the coin is far from its peaks. Accordingly, the analyst, pointing to CryptoQuant data, suggests that this might be a good time for traders to gradually accumulate.</p>
 <p>While the trader is bullish, a recent analysis by Mike McGlone points to possible liquidity challenges Bitcoin has to face as it steps into Q4 2023.</p>
 <p>Specifically, monetary policy shifts across the globe and risks of central banks resuming their interest rate hikes might adversely impact sentiment and capital inflow to Bitcoin and crypto.</p>
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    <p lang="en" dir="ltr">Declining Bitcoin Has Preceded #Fed Pivots –<br>The bottom line for #Bitcoin at the start of 4Q may be that liquidity remains negative, with price implications. Coming of age in a zero interest-rate world, the #crypto hangover could be enduring as global rates continue to rise,… pic.twitter.com/Nrn8lMaYzo</p>— Mike McGlone (@mikemcglone11) October 3, 2023
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 <p>McGlone backed his claims with a one-year fed fund futures chart, suggesting Bitcoin needs to adjust downward for liquidity to improve.</p>
 <p>Bitcoin has remained relatively firm in 2023, aligning with other risk assets. According to the Bloomberg analyst, Bitcoin has strong resistance at $30,000. However, there is a possibility of BTC retracing to as low as $10,000.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-has-bottomed-but-struggling-with-negative-liquidity-tbt65079.html">https://thebittimes.com/bitcoin-has-bottomed-but-struggling-with-negative-liquidity-tbt65079.html</a></p>

Bitcoin has bottomed but struggling with negative liquidity

TheBitTimes

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