Bitcoin\u2019s (BTC<\/a>) bullish momentum is \u201cfading\u201d as liquidity shifts preempt a volatile move, a new analysis warns.<\/p>\n In an X post<\/a> on Sep. 6, Keith Alan, co-founder of monitoring resource Material Indicators, flagged fresh shifts on the Binance order book.<\/p>\n BTC\u2019s price has stayed tightly rangebound<\/a> since the weekend, but exchange data suggests that the status quo may be about to change.<\/p>\n Publishing a snapshot of the BTC\/USD order book on Binance, Alan cautioned over what he called \u201cconcerning\u201d changes in liquidity.<\/p>\n Bid support moved down to concentrate around $24,600 on the day, with that price level not seen on spot markets since March.<\/p>\n \u201cWhat is most concerning here is that the largest concentrations of BTC bid liquidity have now moved below the previously established Lower Low at the bottom of the range,\u201d part of an accompanying commentary stated.<\/p>\n BTC\/USD put in its lowest post-March dip in mid-June, reaching $24,750 before reversing higher, data from Cointelegraph Markets Pro<\/a> and TradingView<\/a>\u00a0confirms.<\/p>\n Continuing, Alan said that he envisioned a similar bounce from current spot levels before any downside returned.<\/p>\n \u201cFrom a macro perspective, I do expect to see price breakdown eventually, so the thought of printing a new LL isn\u2019t surprising, but I did expect to see a stronger short term rally from this range before that happens,\u201d he wrote.<\/p>\n That said, bears are yet to gain the upper hand entirely.<\/p>\n \u201cAt this stage, I\u2019m not seeing either side establish any real strength, in fact, IMO, this move doesn\u2019t indicate strength in bearish momentum as much as it indicates that bullish momentum and sentiment seem to be fading,\u201d he concluded. <\/p>\n \u201cWhatever the case, I do not trust those buy walls to just sit there and get filled.\u201d<\/p><\/blockquote>\n Alan previously highlighted $24,750<\/a> as the line in the sand for bulls to hold in order to protect the wider Bitcoin price uptrend.<\/p>\n Elsewhere, popular trader Skew agreed that volatility should soon return, pointing to activity on derivatives markets.<\/p>\n Choppy start to the week<\/p>\n Lots of over trading in derivatives market <\/p>\n Perp liquidity increasing a bit Likely seeing toxic orderflow today (especially on the bid)<\/p>\n All points to another big move brewing for $BTC<\/a><\/p>\n \u2014 Skew \u0394 (@52kskew) September 5, 2023<\/a><\/p><\/blockquote>\n Related: Bitcoin price metric copies move that last came before -25% FTX crash<\/a><\/em><\/strong><\/p>\n Fellow trader Credible Crypto, known for his comparative optimism<\/a> on BTC price prospects, also hoped that the downside would be limited to the high $24,000 range.<\/p>\n \u201cThe local low on major liquid\/spot exchanges is at 25.2k,\u201d he told<\/a> X subscribers on the day alongside an explanatory chart. <\/p>\n \u201cWould love to see those lows taken while still holding the higher timeframe low at 24.8k (which is the more important one) before a reversal back up to fill the inefficiency above us into supply (red).\u201d<\/p><\/blockquote>\n This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<\/div>\nAnalyst: Bitcoin bulls and bears both lack \u201creal strength\u201d<\/h2>\n
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\u201cAnother big move brewing\u201d for Bitcoin<\/h2>\n
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Spot liquidity increasingly thin <\/p>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-09\/05b95c22-6144-4b7e-a08b-4fc79b3053ee.png\")