Bitcoin money linings are few and far between in the short term as supply-side liquidity for the price of BTC has dried up to $23,000.
Bitcoin
BTC
tickers down
$23,222
fell to a five-day low on February 22 as US stocks continued to slide.
Bitcoin Analyst: ‘We’re Waiting for a Little Low’
Data from Cointelegraph Markets Pro and TradingView showed Bitstamp hitting a low of $23,871, with S&P 500 futures falling below 4,000 before the Wall Street open.
Bitcoin bulls lost ground after the US holiday, which ended in weakness in the stock and failed attempts to pass $25,000 of support.
For Cointelegraph contributor Michael van de Pope, who hopes the correction will be short-lived, it’s time to wait and see.
“At the moment, markets such as the US economy are still recovering. This means opportunities!” he told Twitter followers that day.
“I think I will wait a little bit for Bitcoin to open a long position.”
Van de Pop previously predicted a move to $40,000 for BTC/USD before a correction, potentially shaving 50% off the high.
Meanwhile, Dylan LeClair, a senior analyst at UTXO Management, warned that the “crisis” between U.S. stocks and bonds is still playing out.
“The bond rumblings over the past month have served as a warning for a pullback, with stocks becoming the worst relative to pre-GFC bonds as 2021 bubble tends to lead the attack,” read part of the Twitter thread.
However, another publisher noted that Bitcoin’s correlation with stocks is the lowest since 2021, but “still very good.”
“I’m interested to see how the Bitcoin market during the risk out of the legacy market … Let’s see,” LeClair added.
Binance “Notorious B.I.D.” is paid
Within Bitcoin, attention is still focused on the main wall of bids, which has moved the price of the place by traveling Binance order book in recent days.
Related: Active Bitcoin Address ‘Defined’ Analyst Says Even 50% BTC Value Gain
Called “The Notorious B.I.D.” by following the signals of the devices, the products directly reach the price as Bitcoin falls, and the bids are collected.
With support removed from the order book, Product Guide added in a statement that it would be “very happy” if BTC/USD continues to reach $21,500.
“The wall of stuff is packed.” Liquidity has not stopped from the order book long enough to be verified. Wait for it to resolve,” said another post.
The opinions, views and opinions expressed herein are solely those of the authors and do not necessarily reflect or represent the views and opinions of Cointelegraph.
