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Recent data suggests a potential slowdown in Bitcoin's upward trajectory as liquidity changes in the market signal possible price swings. Keith Alan, co-founder of Material Indicators, identified noteworthy alterations to Binance's order book on September 6.
Over the past weekend, Bitcoin’s pricing remained relatively stable. Nonetheless, emerging data from exchange platforms hints that this consistent trend may soon experience a shift. According to Alan's observation, there were significant liquidity shifts on Binance that might signal concern for traders.
On that day, the majority of bid support was observed around the $24,600 mark, a figure not seen on spot markets since the previous March. This change means that significant portions of Bitcoin bid liquidity might have descended below an earlier established low in its price range.
Historically, in mid-June, BTC/USD experienced its most significant dip after March, plunging to $24,800 before making a recovery. Alan believes that the current price levels might see another surge before any potential downtrend occurs.
However, he also thinks that the broader market trend could result in an eventual decline in Bitcoin's price. While a new low isn't unexpected, many had hoped for a more pronounced short-term boost before any significant downturn.
Interestingly, it's too soon to claim that those speculative against Bitcoin dominate the market. Alan's analyses imply that neither the bullish nor the bearish camp has established a clear lead. Instead, the current shifts might indicate a lessening in the optimistic momentum rather than a strengthening of the pessimistic side.
Furthermore, Skew, a prominent trader, has echoed similar sentiments, expecting heightened volatility, especially referencing the behaviors in the derivatives market. Conversely, Credible Crypto, a trader typically optimistic about Bitcoin's price movement, expects that the dip might stabilize around the high $24,000 bracket.
He highlighted the notable low of primary exchanges at 25,200 and suggested the importance of maintaining a more critical high at 24,800 before any upward correction.
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