BTC price weakness meets lack of "heavy supply"
Data from Cointelegraph Markets Pro and TradingView showed a 3% drop leading to Bitcoin
At a minimum of $67,320 on Bitstamp after daily closing.
Without support at the key level of $69,000, Bitcoin bulls could not avoid a downward movement through the fine liquidity of the exchange's order book.
The day before, Keith Alan, co-founder of the Material Indicators trading feature, had warned that insufficient bids could be a warning sign for the strength of the BTC price.
“Of course we have some staggered bidding support here, but not a heavy, heavy concentration of that — and really, it's not even heavy up to $60,000 if I can be completely honest,” he said during his last update on YouTube.
An accompanying chart covered the liquidity of the order book for the BTC/USDT pair on the world's largest cryptocurrency exchange, Binance.
