Bitcoin’s price has rebounded from a ten-day low as traders attempt to gauge a short-term direction amid a “liquidity hunt” following last week’s surge to its near-all-time high.
The asset is trading relatively flat on the day to around $67,500 after dropping to as little as $65,160 on Thursday, CoinGecko data shows.
It comes as Bitcoin’s price breached $69,000 on Sunday—the asset’s all-time high, set on March 14, stands at just above $73,700.
That has some experts postulating the asset’s move lower this week may have been short-lived.
“We don’t see this necessarily as linked to U.S. election odds moving around but more of a natural liquidity hunt after a big move up last week,” Ryan McMillin, chief investment officer at crypto fund manager Merkle Tree Capital, told Decrypt.
A liquidity hunt refers to the process where the market “flushes out” leveraged positions, particularly those with long exposure or traders betting on price increases.
When traders are
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Author: Sebastian Sinclair
