Crypto Market Setting Up For “Squeeze Of Historic Proportions”, Will BTC Price Get In The Way?

Bitcoin is showing weakness as BTC price trades in a tight range, the number one crypto by market cap saw a small uptick in volatility during today’s trading session. However, the price action was smothered by poor performance in traditional equities. Related Reading: CAKE Sets Sights For $5 After More Than 7 Million Tokens Are Sent To A Fiery Death At the time of writing, BTC price trades at $19,00 with a 4% loss in the last 24 hours and a 3% loss over the past week. As Bitcoin trends lower into support, the momentum indicator follows suggesting there is little conviction to resume bullish momentum. BTC Price Liquidity Trends To The Downside As Bitcoin Loses $19,000 Levels In the coming two weeks, the crypto market will go through a major milestone with Ethereum’s “Merge”. The second crypto by market cap will complete its transition to a Proof-of-Stake (PoS) consensus. As a result, ETH price has been outperforming BTC price. “The Merge” is scheduled for mainnet deployment between September 13th to 15th, this event is bound to bring volatility into the market. Today, Ethereum core developers announced the successful implementation of the “Bellatrix” update. A few hours later, the BTC price broke below a critical support zone and trendline created since the August bullish price action. Data from Material Indicators shows liquidity in the orderbook for crypto exchange Binance has been getting thick to the downside. As the price ...