Bitcoin sets a positive tone into the U.S. holiday weekend as a Coinbase-induced BTC price dip fails to keep bulls back for long.The weakness did not last long, however, as buyers stepped in to fuel an ongoing attempt to snatch liquidity near all-time highs.
On the day, popular trader Skew warned that fakeout price behavior could result from manipulative liquidity moves. Among these was fresh bid support between $70,200 and $70,600, all of which was subsequently removed from the Binance order book.With all-time highs still acting as a clear price ceiling, fellow trader Daan Crypto Trades considered where price discovery could take Bitcoin should sellers be beaten out.
An accompanying chart showed near-term trendline support in the form of the 200-period simple and exponential moving averages on 4-hour timeframes.Analyzing on-chain BTC flows, meanwhile, Ki Young Ju, CEO of on-chain analytics platform CryptoQuant, highlighted a shift in ownership among the biggest Bitcoin hodlers.
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