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Analysis: Recent Pullback Aligns with Bull Market Characteristics, Bitcoin Liquidity Concentrated Around $120,000
BlockBeats News, August 20th, Analysts said that the price trend of Bitcoin is becoming more and more like the result of intentional manipulation, as BTC touched its lowest level since August 3rd under sustained selling pressure from the United States. Bitcoin fell to below $113,000 as the US stock market opened today, failing to hold the support level. Buying liquidity on trading platforms is being depleted, and $112,300 has now become a level worth watching.
Well-known trader Daan Crypto Trades summarized the current Bitcoin liquidity situation, stating that BTC has cleared a significant amount of liquidity from both the long and short sides within the past 6 weeks. Currently, the closest large liquidity is gathered around $120,000, but the local low point at $112,000 remains effective and often becomes a local reversal area.
Renowned trader and analyst Rekt Capital issued a bullish signal, comparing the current price trend to previous bull market pullbacks. "The most bullish aspect of this current pullback is that similar pullbacks occurred during the same period in 2017 and 2021, and in both 2017 and 2021, these pullbacks foreshadowed price increases to new all-time highs."
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