$BTC to 120k-130k
2024-12-17
Category: None

Bitcoin sell-side liquidity has been slowly eaten away by buying pressure. 

The order book isn't as tilted towards sellers as it was last month, it's getting more balanced.

Buyers are still gobbling up what's left of the supply, liquidity was being eroded.

With less supply, it's easier for buyers to push the price up.

Buyers keep chowing down on the supply that's slowly disappearing.

There's not much big supply until we hit 110k, the trend is still strong.

On this vertical accumulation, if we can stay above 104k to 102k  (weekly rvwap) , I'm expecting a rally towards 120k-130k zone, before we move in range again.

Coinbase had a negative premium all the way up to 106k, which is weird because spot trading was mostly at a premium (which is a good sign).

We're in one of those moments where Bitcoin is just soaking up all the liquidity.

The altcoins are looking pretty weak while Bitcoin hits all-time highs. This isn't unusual when Bitcoin starts figuring out its price. Just be patient; the market will cycle back around.