Bitcoin (BTC<\/a>) drifted toward major liquidity around the Feb. 13 Wall Street open as the dust settled on United States regulatory news.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/USD $21,476 on Bitstamp, almost matching the weekend\u2019s three-week lows.<\/p>\n As analysts expected a \u201cchoppy\u201d day prior to key U.S. macroeconomic data, news that blockchain firm Paxos was being sued by the Securities and Exchange Commission<\/a>\u00a0added to market nerves.<\/p>\n BTC spot price action thus inched ever closer to a major area of bid liquidity on the Binance order book, something which Maartunn, a contributor to on-chain analytics platform CryptoQuant, dubbed<\/a> \u201cThe Great Wall.\u201d<\/p>\n \u201c\u2018The Great Wall\u2019 (price support) on Bitcoin is placed at $21,500. This morning some bids got filled. Thereby, the strength of the wall has been reduced from $25 ~ $27 million to $19 million,\u201d he noted.<\/p>\n Maartunn used data from monitoring resource Material Indicators, which in its own comments revealed that thinning bids near the top of the liquidity cloud were being repositioned lower.<\/p>\n #BTC<\/a> PA behaving as predicted after the #DeathCross<\/a> on the Weekly Chart. The bid wall ~$24.4k is still holding above the Trend Line. At first glance it looks like liquidity was taken, but with a simple adjustment of the Volume Percentile filter we can see ~$6M was laddered down. pic.twitter.com\/2OGe7tjOpu<\/a><\/p>\n \u2014 Material Indicators (@MI_Algos) February 13, 2023<\/a><\/p><\/blockquote>\n In the short term, eyes were on the Feb. 14 Consumer Price Index (CPI) print to move risk assets en masse.<\/p>\n \u201cThoughts remain the same since the breakdown. I do not see any high conviction swing longs until 20.3K liquidity is taken out,\u201d popular trader Crypto Chase wrote<\/a> in a fresh Twitter update.<\/p>\n \u201cToday will most likely be choppy and CPI should provide the next \u2018move\u2019 tomorrow. With that said, my focus today will be on intraday ES trades.\u201d<\/p><\/blockquote>\n A survey<\/a> by fellow trading account Daan Crypto Trades, meanwhile, showed roughly equal expectations of the market going higher or lower after CPI.<\/p>\n \u201cThis is the 4th time in a row that a Sunday pump or dump has quickly retraced,\u201d a separate post added<\/a> about overnight BTC price action. <\/p>\n \u201cAs you guys probably know, this is a very common thing to see and a reason to always be skeptical seeing weekend moves on BTC.\u201d<\/p><\/blockquote>\n U.S. stocks opened the week modestly higher, with the S&P 500 and Nasdaq Composite Index up 0.4% and 0.6%, respectively.<\/p>\n Related:\u00a0First weekly death cross ever \u2014 5 things to know in Bitcoin this week<\/a><\/em><\/strong><\/p>\n The U.S. Dollar Index (DXY) was undecided at the time of writing, having spent the week prior consolidating after a solid rebound.<\/p>\n \u201cA big day tomorrow with CPi data release 13:30 gmt. DXY price seen around top of parallel channel with a decisive break either way to determine the next big move for Btc Ethereum and other Altcoins,\u201d Matthew Dixon,\u00a0founder and CEO of crypto rating platform Evai, summarized<\/a>\u00a0the outlook.<\/p>\n \u201cPreferred direction is down for Dollar which would be +ve for BTC.\u201d<\/p><\/blockquote>\n An accompanying chart showed DXY on four-hour timeframes<\/p>\n The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<\/div>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/c6355b2e-1fe4-41a3-965f-99d0f472fb99.png\")
BTC traders spread bids lower<\/h2>\n
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Stocks, dollar tread water prior to CPI<\/h2>\n
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