Bitcoin price climbs to $21,000 as crypto market cap nears $1 trillion U.S. dollar

BTC Bulls "Eat" Ask Liquidity

At press time, the pair is in a region it has n't reached in over six weeks .

Liquidations also continued, with $750 million worth of positions liquidated in Bitcoin alone in the last 24 hours , according to data from Coinglass.

Total liquidations currently stand at $1.43 billion. That's a record for 2022.

The momentum that day did not come from US stocks, which tended to stagnate. Bitcoin has reduced the overall correlation between risk assets.

Gold has also rallied as the US dollar weakens. The US Dollar Index (DXY) hovered around the lowest level since September 20.

Analysis platform Material Indicators, which looked at the order book of the world's largest crypto exchange Binance, found that ask liquidity continues to climb higher.

“A lot of the liquidity on the ask side has been eaten up and some has been replenished over the past 24 hours. But there is no question that BTC bulls got some help as the blocs of bid and ask liquidity adjusted upwards," the platform said on Twitter .

Some analysts, including Il Capo of Crypto, say $21,000 is an important mark. The analyst predicted that at this point the market would pull back and head for the macro lows again.

Trader and analyst Rekt Capital also stated that Bitcoin is not out of the woods yet in terms of its descent from all-time highs.

"On the normal scale, BTC is breaking out of its one-year downtrend," he commented on a chart .

"On the logarithmic scale, however, the year-long downtrend is still a long way off."

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