Bitcoin Struggles to Keep $60K Support, Approaching $100M Liquidity Zone
Bitcoin (BTC) saw a return to $63,000 on May 10 as the amount of available funds increased to over $100 million. Despite weak US unemployment figures, BTC managed to climb back up after hitting lows below $61,000. An analysis of the current state of order books showed a significant increase in ask liquidity above the spot price, with over $100 million available between $63,000 and $65,000. In previous trends, the side with the most liquidity tended to come out on top. Material Indicators co-founder, Keith Alan, highlighted potential support levels if BTC were to experience another downward slump. He emphasized the importance of the 21-week simple moving average, which currently sits at $56,127, with $52,000 becoming significant if that level fails. Rekt Capital, a popular trader and analyst, believes Bitcoin is simply holding the range low as support and expects little upheaval in the current market. Analysts believe that this year’s block subsidy halving does not differ significantly from previous halvings and that BTC is showing resilience within its current range.
9 thoughts on “Bitcoin Struggles to Keep $60K Support, Approaching $100M Liquidity Zone”
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Wow, Bitcoin just can’t seem to catch a break! Despite weak US unemployment figures, it manages to climb back up.
Rekt Capital’s analysis brings a sense of calm to the current market. Bitcoin seems to be holding steady.
I can’t believe Bitcoin’s block subsidy halving doesn’t differ significantly. How are we supposed to see any positive changes then? 😤
The fact that Bitcoin’s liquidity tends to determine its success is not reassuring at all. It feels like a gamble.
The increase in ask liquidity above the spot price indicates a healthy market for Bitcoin. Great news for investors!
Keith Alan’s insights on support levels provide valuable guidance for Bitcoin investors. It’s always helpful to have a plan. ⚙️💡
Bitcoin’s return to $63,000 is a positive sign for the market. Keep up the momentum! 🚀💰
Rekt Capital’s analysis shows that Bitcoin is holding its ground and not experiencing major disruptions. That’s a relief!
could be a significant level if BTC experiences another downward slump. It’s important to stay vigilant.