Bitcoin Traders Await $62K as 3% Price Gains Deplete Liquidity

August 30, 2024 03:52 PM AEST | By Team Kalkine Media

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Bitcoin Traders Await $62K as 3% Price Gains Deplete Liquidity — Image source: shutterstock

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Cointelegraph’s Hashing It Out podcast, host Elisha Owusu Akyaw delves into the Bitcoin approach to the $61,000 mark as market participants aim to overcome overhead liquidity near the Wall Street open. Data from Cointelegraph Markets Pro and TradingView indicated that {Bitcoin} (BTC) reached local highs of $60,845 on Bitstamp, reflecting a 3% increase on the day.

This price movement occurred in the context of U.S. macroeconomic data, including jobless claims and GDP figures, which generally aligned with expectations. The jobless claims data slightly missed forecasts, but the overall economic figures did not significantly alter market anticipations for future monetary policy adjustments. CME Group’s FedWatch Tool continued to suggest that markets are anticipating a 0.25% interest rate reduction by the Federal Reserve in September.

According to QCP Capital, the trading team indicated that any potential dip in both equities and cryptocurrency markets is expected to be brief. This sentiment contributed to Bitcoin’s efforts to maintain upward momentum.

However, data from CoinGlass highlighted challenges in sustaining this upward trend, with liquidity on shorter time frames showing resistance. Material Indicators pointed out the ongoing support retest on weekly charts, while popular trader and analyst Rekt Capital expressed confidence in Bitcoin's ability to recover.

Looking forward, trader Jelle noted that reclaiming the $62,000 level remains crucial, although liquidity in this range has recently decreased. Jelle advised caution, describing the current market environment as “predatory” and suggesting that a more prudent approach might be to remain inactive. An earlier analysis also identified a potential formation of a higher low and highlighted $65,000 as a significant level to monitor if the upward strength persists.

The developments underscore the volatility and complexity of Bitcoin trading, emphasizing the importance of monitoring both macroeconomic factors and liquidity dynamics in the cryptocurrency market.

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