Bitcoin Silver Linings Fade as Bulls Wait for $24K Breakout

• Bitcoin price bid liquidity dries up above $23,000.
• U.S. equities and S&P 500 futures slip under 4,000.
• Bonds rollover serves as a flashing alarm for a reversal.

BTC Price Bid Liquidity Dries Up Above $23K

Bitcoin silver linings are few and far between on short timeframes as BTC price bid liquidity dries up above $23,000. Market data from Cointelegraph Markets Pro and TradingView recorded lows of $23,871 on Bitstamp, with S&P 500 futures slipping under 4,000 ahead of the Wall Street open.

Waiting For A Bit Lower

Cointelegraph contributor Michaël van de Poppe hoped the correction would be short-lived and it was time to wait and see. Van de Poppe had previously forecast a move to as high as $40,000 for BTC/USD before a correction set in, potentially shaving 50% off that high.

The Crisis Between Stocks And US Bonds

Meanwhile, Dylan LeClair, senior analyst at UTXO Management warned that a “crisis” between stocks and U.S. bonds continued to play out. The bonds rolling over over the past month served as a flashing alarm for a reversal, during which equities became the most expensive relative to bonds since before the GFC (Global Financial Crisis), as 2021 bubble favorites led the rally.

Can Bitcoin Price Hold $24K?

As this correlation hits its lowest point since 2021 can Bitcoin price hold $24K? Analyst on Bitcoin have noted that it is dependent on whether or not BTC can maintain support levels above $23K while equity markets continue their correction lower so they can begin charting their next course of action moving forward in 2021 after having failed to flip 25k into support last week-end post holiday weekend selloff in US equities markets..

Conclusion

As things stand now it looks like Bitcoin will remain rangebound between 23 & 25k until equity markets find direction again before we get any clearer picture about where this digital asset may head towards in the near future .