GBTC - Bitcoin Plummets To $67K And 'This Move Isn't Over' Warns Analyst | Benzinga
Bitcoin (CRYPTO: BTC) prices fell sharply during the Asian trading session today, dipping below $67,000 and raising concerns about a potential reversal in the recent bullish trend.
What Happened: Data from TradingView recorded a 4% dip, bringing Bitcoin’s price to lows of $66,732 on Bitstamp following the daily close.
The inability to maintain support at the critical $69,000 level has left Bitcoin bulls struggling against thin exchange order book liquidity.
Keith Alan, co-founder of Material Indicators, highlighted the issue, stating, "Sure we have some laddered bid support in here, but not a heavy, heavy concentration of it — and really, it's not even heavy down to $60,000 if I can be completely honest."
Alan’s comments, delivered during a recent YouTube update, were backed by data showing insufficient bids to support Bitcoin’s price.
An accompanying chart from Material Indicators displayed order book liquidity for the BTC/USDT pair on Binance, the largest global crypto exchange.
Following the latest downturn, Material Indicators noted on X that Bitcoin ...