• Bitcoin (BTC) price nears $23,000 in fresh 5-month high
• Bid liquidity causes suspicion as Asia buyers drive fresh market strength
• On-chain analytics resource Material Indicators flag ask liquidity being removed on Binance
The cryptocurrency market is bustling with excitement as the Bitcoin (BTC) price nears $23,000, reaching a fresh 5-month high. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD battling bears to reach $22,790 on Bitstamp overnight, not far from reclaiming its 200-week moving average.
The surge in BTC/USD has come as traders are highly suspicious of the bullish price action. Intraday trader Skew commented that Asia is leading the way into the weekend, with sellside pressure from market makers being absorbed on exchanges. “Another rally driven by asia bid. TWAP buyers absorbing the sell pressure from MMs. Large spot bid lifting offers & ask wall pulled prior to another short squeeze,” Skew said.
On-chain analytics resource Material Indicators flagged ask liquidity being removed on Binance the day prior, this allowing Bitcoin’s initial run beyond the $22,000 mark. The resource warned traders to take some profits along the way, as volatility continues in the market.
The current Bitcoin price rally is being attributed to increased institutional demand and large buy orders, as well as interest from institutional investors. Earlier this month, Paypal announced the launch of its cryptocurrency service, allowing customers to buy, sell and hold cryptocurrencies. This news sent Bitcoin’s price to a new all-time high of $34,000.
In the upcoming weeks, investors will be looking for Bitcoin to break its previous record and reach a new all-time high. With the increased institutional demand and interest in crypto, it is likely that the Bitcoin price will continue to rally in the near future. We will have to wait and see whether Bitcoin will be able to break its previous record and reach a new all-time high.