Bitcoin is currently trading around $95,000, nearing the December 29 weekly close as liquidity dynamics begin to surface across exchange order books. Market data reveals that Bitcoin’s price performance was stagnant over the weekend, following a period of volatility during the final trading session on Wall Street.
The BTC/USD pair found itself in a tight trading range, resulting in limited excitement for bullish traders. Liquidity analysis kept market watchers cautious, with Material Indicators noting warning signals from their proprietary trading tools. They pointed out a $86 million bid ladder pushing the price upwards but cautioned that certain signals indicate the price may not surpass previous highs before the day’s candle closes. A surge above $97,300 would negate these new signals.
Popular trader Skew expressed uncertainty about the future price movement, observing liquidity moving closer to the spot price—a possible sign of an upward trend if the liquidity remains intact. This activity is often seen as market entities attempting to guide or control the price direction.
Despite minor fluctuations, Bitcoin has maintained a competitive position with a quarterly upside of over 50%, nearly matching its performance throughout 2023. Longtime market participants remain optimistic about further gains, despite forecasts predicting potential dips.
Among the optimists is the trader known as Titan of Crypto, who shared his analysis predicting that Bitcoin could continue its ascent to macroeconomic highs, following Wyckoff analysis patterns, before entering a distribution phase. As the market anticipates the opening of the new year, these trading ‘games’ are expected to persist.
