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Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) returned to $63,000 on May 10 as overhead liquidity thickened past $100 million.
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 <img src="https://s3.cointelegraph.com/uploads/2024-05/77b73304-b198-49b1-9af8-72cf8c326008.png" alt="" title="">
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 BTC/USD 1-hour chart. Source: TradingView
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<h2 data-ct-non-breakable="true" id="bitcoin-liquidity-battle-heats-up">Bitcoin liquidity battle heats up</h2>
Data from <a href="https://subscription.cointelegraph.com/">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCGBP/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a> showed BTC/USD spiking to local highs of $63,876 on Bitstamp before consolidating.
BTC price action improved overnight after seeing lows under $61,000 — a weakness that persisted despite hot United States <a href="https://cointelegraph.com/news/bitcoin-price-61k-us-jobless-claims-9-month-highs">unemployment figures</a>.
Analyzing the status quo on order books, trading resource Material Indicators flagged a significant build-up of ask liquidity immediately above the spot price.
Between $63,000 and $65,000, this totaled more than $100 million on the day, per data from its FireCharts proprietary trading tool.
“Historically, the side with the highest concentration of liquidity wins these intra-trend battles,” it&nbsp;<a href="https://twitter.com/MI_Algos/status/1788900016259530903/photo/1" target="_blank" rel="noopener nofollow">added</a> on X.
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 <img src="https://s3.cointelegraph.com/uploads/2024-05/222ece2c-ef97-4337-a154-f0c4a90f2688.jpeg" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USDT liquidity heatmap. Source: Material Indicators/X
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The day prior, Material Indicators co-founder Keith Alan offered an&nbsp;<a href="https://twitter.com/KAProductions/status/1788607863692067131" target="_blank" rel="noopener nofollow">extended analysis</a> of potential support levels should Bitcoin see another downward slump.
“Obvious targets take us first to the historical consolidation range of $58k - $60k,” he wrote. 
<blockquote>
 “Order book data in FireCharts shows that there isn’t currently a lot of bid liquidity at $60k, but there is a more at $58k. If price holds there, it would create a higher low which is what bulls want to see.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/eb6754cb-db13-4435-9098-181f021f6018.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-week chart with 21SMA. Source: TradingView
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</figure>
Alan stressed the significance of the 21-week simple moving average (SMA), currently at $56,127, with $52,000 coming into play should that level fail to hold.
“A move that low would represent a 30% correction from the all time high. A good chunk of the bid liquidity that was forming support in that range was moved up to $58k this week and that provides a clue that sentiment is shifting upward, at least for now,” he continued. 
<blockquote data-ct-non-breakable="true">
 “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.”
</blockquote>
<h2 id="btc-price-simply-holding-range-low">BTC price "simply holding range low"</h2>
Summarizing the current landscape, meanwhile, popular trader and analyst Rekt Capital saw little signs of upheaval.
Related:&nbsp;<a href="https://cointelegraph.com/news/ethereum-speculatory-divergence-eth-price-cling-3k">Ethereum 'speculatory divergence' sees ETH price cling to $3K support</a>
“Bitcoin is still simply holding the Range Low as support, following the downside wick from last week,” he <a href="https://twitter.com/rektcapital/status/1788634974654009781/photo/1" target="_blank" rel="noopener nofollow">told</a> X followers.
An accompanying chart provided context for BTC price moves in light of April’s block subsidy halving, with Rekt Capital previously suggesting that this year’s event <a href="https://cointelegraph.com/news/bitcoin-distribution-danger-zone-over-analysts">did not fundamentally differ</a> from previous halvings.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/8a325dd6-a4e3-47da-814f-4e9b98b15b57.jpeg" alt="" title="">
 <figcaption style="text-align: center;">
 BTC price comparison. Source: Rekt Capital/X
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin still lacks $60K support as BTC price nears $100M liquidity zone

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Cointelegraph

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