Bitcoin (BTC) stayed stubbornly anti-trend on Aug. 22 as $26,000 became a magnet for intraday BTC price action.
BTC price “death chop” returns
Data from Cointelegraph Markets Pro and TradingView tracked a third day of sideways performance for BTC/USD.
Despite being heavily oversold, according to relative strength index (RSI) readings, Bitcoin refused to offer any form of recovery bounce from levels last seen two months prior.
Market participants were restless, with popular trader Jelle referring to intraday movements as the “death chop.”
“At this stage it feels like a game of chicken to see who is going to make a move to break the chop,” monitoring resource Material Indicators said.
Analyzing liquidity on the Binance BTC/USD order book, Material Indicators noted a broad lack of liquidity, increasing the potential for a sharp move in either direction.
“The market is waiting to see if more bid or more ask liquidity is going to be attracted to the range,” it explained on X (formerly known as Twitter).
“So far, we are seeing small amounts of bid liquidity ladder up from $20k closer to the active trading zone, but no liquidity of any size (new or moved) has been stacked into the range defending price from a Lower Low.”
The implications were nonetheless potentially very serious for bulls, with a lower low (LL) apt to risk even the $20,000 support going forward.
“Needless to say, printing a LL in this TF has macro impli
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Author: William Suberg
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