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Bitcoin () spent another day tackling $25,000 on Feb. 20 as analysts continued to warn over market manipulation.
Bitcoin buoyed by "Notorious B.I.D."
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD making up losses from around the weekly close to approach the $25,000 mark again at the time of writing.
Bulls remained unable to spark a resistance-support flip, however, and whale activity on exchanges kept suspicions high.
In its latest update, monitoring of resource indicators revealed that high-volume traders were artificially reducing resistance overhead, making btc/usd more likely to increase.
Co-founder Keith Alan referenced a wall of bid liquidity buoying spot price, something he called the “Notorious B.I.D.”
“Multiple rejections from $25k correlates perfectly with BTC macro TA which is a valid reason to TP at these levels, but Notorious B.I.D. is still trying to push price up,” a tweet stated.
In its latest update, hardware indicator monitoring showed that high-volume traders were artificially reducing resistance overhead, making BTC/USD more likely to rise.
Material Indicators added that “From a TA perspective this should be a local top, but Notorious B.I.D. is still running the BINANCE order book.”
Notoriously B.I.D. is still running the binance order book."
Material Indicators added that "From a TA perspective this should be a local summit.
China could boost "liquidity junkie" crypto
With United States markets closed for a holiday, meanwhile, one analyst turned to longer-term implications of moves from China.
Related: A ‘snap back’ to $20K? 5 things to know in Bitcoin this week
In addition to potentially allowing Hong Kong retail investors access to previously-banned crypto, the Chinese central bank injected a record $92 billion of liquidity into the economy on Feb. 17.
“While most analysts are focused on how the Fed tightening will reprice risk assets this cycle, they're failing to consider the scale of easing in the east,” popular Twitter account Tedtalksmacro argued in a thread.
17" as most analysts focus on how the Fed tightening will impact risk assets through this cycle, they do not take into account the extent of relaxation in the East," popular twitter account tedtalksmacro argued in a thread. Related: A $20,000 "flip-flop"?
5 things you should know about Bitcoin this weekIn addition to potentially allowing Hong Kong retail investors access to previously prohibited cryptography, the Chinese central bank injected a record $92 billion of liquidity into the economy on Feb. 17.“While most analysts are focused on how the Fed tightening will reprice risk assets this cycle, they do not take into account the extent of easing in the East," popular Twitter account Tedtalksmacro supported in one thread. In 2020, as part of the Fed's COVID-19 QE, risky assets, including crypto-assets, increased by 18 months." crypto is not affiliated with any particular economy or entity.
As Cointelegraph reported, U.S. already liquidity forms a major talking point when it comes to cryptoasset performance, with Arthur Hayes, former CEO of derivatives giant BitMEX, predicting downside continuing in the second half of 2023.
That is exactly what will happen this year in China." According to the cointelegraph, U.S. liquidity is already an important discussion point regarding the performance of cryptoassets, and Arthur Hayes, former chief executive officer of giant BITMEX derivatives, forecast that the decline will continue into the second semester of 2023.
“Just like we saw from the West in 2020, heightened liquidity from central banks = prices of risk assets (like BTC) go up.”
