Bitcoin

Million

Material

Rekt

<a href="https://coinmarketcap.com/currencies/bitcoin/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> saw a rebound to $63,000 on May 10, amidst a notable increase in overhead liquidity, which exceeded $100 million.
Data from Cointelegraph Markets Pro and TradingView indicated a spike in BTC/USD to local highs of $63,876 on Bitstamp, followed by a period of consolidation.
This price action marked an improvement following lows below $61,000, a decline that continued despite positive unemployment data from the United States suggesting economic resilience.
Material Indicators, a trading resource, highlighted a substantial increase in ask liquidity just above the spot price.
Specifically, liquidity was reported to be over $100 million between the $63,000 and $65,000 range on the same day, according to their FireCharts tool.
Material Indicators’ co-founder, Keith Alan, provided further insights into the market’s dynamics.
He noted, “Historically, the side with the highest concentration of liquidity wins these intra-trend battles,” indicating a potential for continued upward momentum if these liquidity levels maintained.
Alan also detailed potential support levels that could come into play if Bitcoin were to decline again.
He pointed to the historical consolidation range of $58,000 to $60,000 as initial targets.
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“Order book data in FireCharts shows that there isn’t currently a lot of bid liquidity at $60k, but there is more at $58k. If price holds there, it would create a higher low which is what bulls want to see,” he explained.
The significance of the 21-week simple moving average (SMA), currently at $56,127, was also underscored by Alan.
He highlighted the $52,000 level as a critical point if the SMA support failed, which could signify a 30% correction from the all-time high.
Observations indicated that much of the bid liquidity that had been forming support had moved up to $58,000, suggesting a possible shift in market sentiment.
In terms of market sentiment and its influence on Bitcoin’s price movements, Alan concluded, “Of course, nothing changes sentiment like price movement so, if bears manage to push price below $58k we will either see sentiment strengthen in the $50k – $52k range or start shifting towards the mid $40s.”
Meanwhile, Rekt Capital, a popular trader and analyst, commented on the lack of major upheaval in the market despite the previous week’s downside wick.
He stated, “Bitcoin is still simply holding the Range Low as support,” referring to the stabilization following the block subsidy halving in April, which he previously suggested hadn’t fundamentally altered market behavior.
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Bitcoin Rebounds to $63,000 Amidst Surging Liquidity Over $100 Million

Crypto Intelligence

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