Analysis: The recent pullback aligns with bull market characteristics, with Bitcoin liquidity concentrating at $120,000

ChainCatcher news, according to Cointelegraph, analysts say that the price movement of Bitcoin increasingly resembles a result of intentional manipulation, as BTC has reached its lowest level since August 3 under ongoing selling pressure in the U.S. Bitcoin fell below $113,000 at the opening of the U.S. stock market today, failing to hold the support level. The liquidity of buy orders on trading platforms is being depleted, and $112,300 has now become a level worth watching.

Well-known trader Daan Crypto Trades summarized the current liquidity situation of Bitcoin, stating that BTC has cleared a significant amount of liquidity from both bulls and bears during the past 6 weeks of consolidation, with the largest liquidity currently concentrated around $120,000. Of course, the local low range around $112,000 is still valid and typically becomes a local reversal area.

Renowned trader and analyst Rekt Capital has issued a positive signal, comparing the current price movement to previous bull market pullbacks. "The most positive aspect of the current pullback is that similar pullbacks also occurred during the same periods in 2017 and 2021, and in both 2017 and 2021, these pullbacks preceded price increases to new all-time highs."