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Bitcoin and Ethereum extend weekend recovery as liquidity cluster forms

Bitcoin briefly traded above $84,000, approaching a $84,000 to $85,000 cost-concentration zone where selling pressure could intensify.

Reported · Written up by our desk · Market Structure

Bitcoin and Ethereum extended their weekend recovery, with Bitcoin briefly climbing above $84,000 after it fell toward $80,000 during last week's selloff, according to CryptoSlate. Ethereum also rebounded above $2,500 as buying activity returned to the market.

CryptoSlate said Bitcoin's advance is nearing a concentration of investor acquisition costs between $84,000 and $85,000, a range where selling pressure could intensify. The outlet also pointed to a derivatives signal for Ethereum, where larger derivatives traders appear to be reducing bullish exposure even as positions remain sizeable.

CryptoSlate attributed some of the momentum to liquidity conditions, saying a liquidity cluster formed just above Bitcoin's trading level and gave traders an opportunity to push prices higher. The report added that traders appeared to place a substantial wall of buy orders beneath the market price, helping support the move.

Latest closeBitcoin $81,723.06 ▼2.3%|Ethereum $2,434.28 ▼4.0%

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