- Despite the abrupt withdrawal of $120 million in Bitcoin bids, the cryptocurrency market continues to show remarkable resilience and strength.
- According to CrediBULL, Bitcoin’s resilience showed as bids filled and prices popped upwards, with strong signs pointing to further gains.
- Bitcoin’s hourly surge above $66,000 and market cap rise to $1.3 trillion overshadow weekly dip despite a 27% fall in trading volume.
Cryptocurrency analyst CrediBULL reported that bids amounting to a staggering $120 million in Bitcoin were abruptly pulled from the market. Such moves of large-scale bid withdrawals are uncommon and can often indicate shifting market dynamics.
Despite this significant withdrawal, the analyst pointed out that the spot market is still trading at a premium. Market liquidity and the depth of the order books often dictate immediate price movements following such events. However, a substantial amount of potential buying power was removed, and the remaining market participants appear undeterred, continuing to value Bitcoin above recent average exchange prices.
The chart analysis has highlighted the scale of the withdrawn bids. According to the chart, a red box indicates the absence of previously present bids, corresponding to 2100 BTC at the time of the event.
Earlier on, CrediBULL had observed that approximately half of the previously withdrawn Bitcoin bids had been filled, leading to a subsequent upward movement in market prices. Furthermore, the remaining bids have now been adjusted upwards, signaling increased confidence among buyers.
According to the chart, there had been a significant change, with a green box highlighting the filled bids and a new formation indicating the raised position of remaining bids. CrediBULL pointed to a potentially bullish outlook for Bitcoin, supported by spot price resilience and bid repositioning. He noted, “Suffice it to say, I think we are going higher,” encapsulating the anticipation of a continued upward trajectory in Bitcoin’s value.
As of press time, Bitcoin is trading on a bullish note, while the broad market is trading on the green. BTC is exchanging hands at $66,465, having gained over 1% in the past hour, while the 24-hour change is at 2.50%. Despite the bullish resurgence, BTC remains 5% and 3% down on the weekly and monthly charts, respectively.
The market capitalization has climbed to $1.30 trillion, an increase of 2% since yesterday’s close, while the trading volume suffered a significant decline of 27%, with a value of $43 billion.
