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Analysts say Bitcoin’s choppy price action is ‘typical of low liquidity markets’

Published 07/09/2021, 07:25 PM
Updated 07/10/2021, 09:20 PM
Analysts say Bitcoin’s choppy price action is ‘typical of low liquidity markets’

Analysts say Bitcoin’s choppy price action is ‘typical of low liquidity markets’

On July 9 Bitcoin and the wider cryptocurrency market saw a moderate relief rally that helped recover some of the losses seen on Thursday but a handful of analysts continue to caution that BTC could still drop to the $24,000 to $29,000 range in the short-term.

Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin was bid higher during the morning trading hours on Friday and managed to climb back above $34,100.

BTC/USDT daily chart. Source: TradingView
Bitcoin entities net growth. Source: Glassnode

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