Investing in Web 3.0: Bitcoin Bids Dip Below $25.7K

The bullish momentum of Bitcoin (BTC) is showing signs of weakening as liquidity movements could be pointing to a potential volatile move, according to a recent analysis.

On Sep. 6, Keith Alan, co-founder of Material Indicators, a monitoring resource, highlighted the recent changes in the Binance order book in a post on X.

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Analyst: Bitcoin bulls and bears both lack “real strength”

BTC’s price has been locked in a tight range since the weekend, but exchange data suggests that this could soon change.

Alan pointed out the “concerning” modifications to the BTC/USD order book on Binance. The highest concentrations of BTC bid liquidity have shifted below the previously established Lower Low at the bottom of the range.

As per data from Cointelegraph Markets Pro and TradingView, the lowest post-March dip for BTC/USD was in mid-June, when it reached $24,750 before rising again.

Alan predicted a similar recovery from the current spot levels before any decline. He said that he does not see either side demonstrating real strength, and that this move implies that bullish momentum and sentiment are waning.

Previously, Alan had identified $24,750 as the critical point for bulls to defend in order to maintain the overall Bitcoin price uptrend.

“Another big move brewing” for Bitcoin

Skew, another popular trader, also suggested that volatility should soon return, as evidenced by the activity on derivatives markets.

Credible Crypto, known for his positive outlook on BTC price prospects, also expected that the downside would be limited to the high $24,000 range.

“The local low on major liquid/spot exchanges is at 25.2k,” he stated to X subscribers, alongside a chart to explain the situation, as part of his best book on web 3.0.