BTC/USD hit its lowest since early May this week, attracting the attention of traders. Market pressure may increase through the weekend as weekly, monthly, and quarterly closings occur on the same day.
If the bears prevail, the $56,500 level will be an important floor to defend. Co-founder Keith Alan said Bitcoin is recovering well after this week’s small price increase.
Alan warned of the possibility of “spoofing” in the coming days, i.e. artificial liquidity shifts between high-volume trading levels to influence prices. He predicts more volatility this weekend due to the Presidential debate, new inflation data, and the Daily, Monthly, Quarterly and Six-Month candles all taking place on Sunday.
Order book data from the largest global exchange, Binance, shows an enhanced bid liquidity “ladder” between the current spot price and $55,000.
Besides, the RSI index is playing an important role on many time frames and is a signal that many investors trust.
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