A classic tug-of-war between Bitcoin buyers and sellers is shaping up on order books, with a BTC price relief bounce sorely needed.The latest order book data shows that bids are currently attempting to get filled just below spot price — a common practice which aims to
As explained by Keith Alan, co-founder of trading resource Material Indicators, this is ultimately cathartic for a market in need of an upside bounce. Taking bids, he suggested in“What we want to see ultimately before we get a move that can have a better chance of breaking through this up here is more bid liquidity — something more akin to what we have seen historically,” he commented on an order book chart.
According to CoinGlass, the largest concentrations of bids, which have appeared in the 24 hours to the time of writing sit at $61,200, $62,200 and $62,800.“Looking at the funding rate heatmap from the past 6 months, you can see how March was generally very overheated compared to the rest,” popular trader Daan Crypto Trades
“This is normal when prices are trading near new all time highs but also result in the occasional flush of leverage. We just had such a flush.”Trading suite Decentrader noted that the negative funding period, while short lived, was indicative of an overall cooling environment. “Funding rates are back positive again but it was a sign that derivatives trading exuberance is calming down,” it concluded in itsThis 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 drops as dollar eyes ‘best 5-day run’ in 14 months on expected rate cut hold
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