Bitcoin's sell-side risk has plunged to its lowest in 2024, as the $BTC price flirts with record highs, now just $10,000 away. Market analysis reveals that price action is snug against ask liquidity, experiencing some passive selling around $65.8K, according to Skew's recent post on X about trading activity on Binance. Interestingly, bid liquidity has been migrating upward, now centering around $63,000, reflecting a shift from ask to bid depth in spot order booksâa promising sign if the market retains its momentum above $65K.
Adding to the bullish sentiment, Filbfilb, co-founder of DecenTrader, has pointed out a notably low ratio of long to short BTC positions. Historical patterns suggest that similar conditions have often preceded significant price upticks for Bitcoin. The trading community is buzzing with anticipation, waiting to see if this setup will push Bitcoin through the current resistance levels and trigger the FOMO that could propel the cryptocurrency to new heights.
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