Quick Take
- Yesterday, Bitcoin saw price levels of over $29,000 and as low as $27,300, but CryptoSlate believes this is due to an illiquid market.
- Bitcoin liquidity has dropped considerably in 2022 and has only gotten more illiquid into 2023, meaning price action for Bitcoin can move in either direction quickly.
- Due to the illiquid market, futures open interest dictates the price action. The total funds allocated in open futures contracts is roughly 350k, heading towards year-to-date lows.
- We can see notable spot price action when Bitcoin reached $27,000.
- For the short-term, most definitely, we expect the volatility to continue in Bitcoin.
- As a result, in the past 24 hours, we have seen over $350 million in liquidations, both short and long-term.
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Source: https://cryptoslate.com/insights/assessing-bitcoins-price-action-over-the-last-12-hours/