- Bitcoin has registered more than $350 million worth of bids on price lower than $61,000 that could lead to an influx of liquidity, potentially leading to a rebound.
- The Bitcoin price is currently grappling to sustain above $61,000.
- Crypto analysts have cautioned against a further dip in the BTC price.
Bitcoin sees over $350 million bids below $61,000 as analysts warn of potential price dip. Will this influx of liquidity lead to a rebound?
Bitcoin Struggles to Maintain $61,000
Bitcoin (BTC) has been under the microscope with several analysts providing insights into its current status and potential future movements. Moreover, crypto analysts have predicted a further correction. Whilst, market traders have placed over $350 million worth of bids for a BTC price lower than $61,000.
Significant Bids Noted in $59,000 to $60,000 Range
In a post on X, Daan Crypto Trader, a notable figure in the crypto space, observed significant bids in the range of $59,000 to $60,000. These bids totaled $350 million. He remarked, “Some big bids appeared between $59-60K. This makes sense in terms of a price level as it’s the range low as well.”
Potential Impact of Liquidity Influx
Moreover, he expressed curiosity on how the liquidity factor will play out if the Bitcoin price dips to that level. These bids indicate buying interest in this range, hence, it could potentially lead to increased stability or even upward momentum in its price. If there is sustained buying interest at those levels, it could reinforce confidence among investors.
Analysts Warn of Potential Price Dip
However, the analyst noted that these bids could be cancelled any time, making it difficult for Bitcoin to leverage the liquidity. Meanwhile, Michaël van de Poppe, another crypto analyst, emphasized the importance of BTC holding its current position. He stated, “#Bitcoin is at the range low. This is technically the area where you’d prefer to see it hold, so the upward momentum continues, and the range holds.”
Conclusion
While Bitcoin is currently struggling to maintain its price above $61,000, the influx of over $350 million bids below this price point could potentially lead to a rebound. However, analysts warn of a potential price dip, emphasizing the importance of Bitcoin holding its current position. As the crypto market continues to evolve, investors and traders are advised to keep a close eye on these developments.
