Bitcoin May Have Hit Bottom According to These Indicators, BTC Targets $23K?

Bitcoin remains rangebound as most of the crypto market continues to trade in the red. The number one crypto has seen some profits on lower timeframes, but the general sentiment in the market still points to uncertainty. Related Reading | Bitcoin Miners Contributing To BTC Crash? New Report Sheds Light At the time of writing, BTC’s price trades at $20,800 with a 4% profit in the last 24 hours and an 8% loss in the past week. On lower timeframes, data from Material Indicators records an increase in bid orders for BTC’s price of around $18,000. There are over $49 million in bid orders. This stands as the most critical area of support for the cryptocurrency, at least in the short term, along with $20,000 due to its psychological importance in the market. Between $18,000 and current levels, Bitcoin has some bids orders which could prevent a fresh attack from the bears. Material Indicators, as seen below, show over $15 million in bids orders around those levels. If the price trends to the upside, there is some liquidity around $22,000 with around $8 million in asks orders for this level alone. There are more asked orders below which could suggest BTC’s price will remain rangebound and in a consolidation phase for the time being. A break above $22,000 or $24,000 could signal bullish continuation as those levels have important asks orders on lower timeframes. Despite BTC’s price consolidation of around $20,000 and its reaction t...