Bitcoin grabs bid liquidity as BTC price dip targets include $113K
Main Idea
Bitcoin's price dipped to target liquidity zones around $113K-$117.5K amid high volatility and record open interest, with analysts warning of potential altcoin market froth.
Key Points
1. Bitcoin's price dropped over 2% from its $120,000 daily high, targeting bid liquidity zones around $117,500 and potentially $113,000.
2. Over $500 million in cross-crypto liquidations occurred in 24 hours, with significant ask liquidity added near key levels.
3. Analysts noted a liquidity sweep and range-bound movement, with Fibonacci levels suggesting a potential rebound target of $138,000.
4. Glassnode warned of altcoin market 'froth' due to record-high open interest exceeding $40 billion for top altcoins, which could amplify volatility.
5. High leverage in the market was highlighted as a factor contributing to a fragile and reflexive trading environment.
Description
Bitcoin price action targets waiting $117,500 liquidity in a volatile Wall Street open, while record open interest sparks warnings of crypto market "froth."
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