Bitcoin (BTC) experienced a surge in value following the opening of Wall Street on June 27, as a stream of macroeconomic data from the United States was released.
**Chart of BTC/USD on a 1-hour scale. Courtesy of TradingView**
**Accumulation of Bitcoin Liquidity Surpasses Current Market Price**
Recent figures from Cointelegraph Markets Pro and TradingView revealed that Bitcoin reached a daily peak of $62,323 on the Bitstamp exchange. Despite the U.S. initial jobless claims being lower than anticipated, the unemployment statistics did not trigger any new worries about inflation within the cryptocurrency markets.
At the time of this writing, BTC/USD had climbed by 2.3% for the day, and market participants were optimistic that this upward trend would continue, potentially surpassing the current ask liquidity.
“After probing the bottom of the range near $59K and capturing the liquidity found there, the majority of the liquidity now resides above,” noted Daan Crypto Trades, a well-known trader, in a portion of his commentary on X.
**BTC/USDT perpetual swap liquidation heatmap. Source: Daan Crypto Trades/X**
An illustrative chart highlighted the liquidity levels for the BTC/USDT perpetual swap in the order book of Binance, the world’s largest cryptocurrency exchange.
Trader Jelle remarked that the recent narrative of selling pressure from the U.S. and German governments had not impacted the market as expected.
“It appears that the lower bounds of Bitcoin’s trading range are maintaining their strength, despite coin sales by the U.S. and German governments and the final settlements to creditors by Mt. Gox,” he proposed.
Daan Crypto Trades also recognized a positive trend with two consecutive days of net inflows into U.S. spot Bitcoin ETFs. These funds managed an inflow of $21.4 million on June 26, which followed a $31 million inflow the previous day, according to data from various sources, including the UK-based investment firm Farside Investors.
**Net flows of U.S. spot Bitcoin ETFs (screenshot). Source: Farside**
**Potential Duration of BTC Price Decline: Five Months**
Looking at the broader picture, Axel Adler Jr., an analyst with the onchain analytics platform CryptoQuant, pondered the potential duration of the BTC price downturn from the record highs of March.
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Drawing parallels with past market movements, he suggested that Bitcoin’s current trajectory mirrors the downturn observed at the end of 2019.
“The present market bears a striking resemblance to the 2019-20 correction, which is the most probable pattern for this downturn, lasting five months with a maximum reduction of 46%,” he stated in a commentary on X for the day.
**BTC/USD bull market correction drawdowns. Source: Axel Adler Jr./X**
Adler mentioned that a significant shift could still occur — a disruption of the current trend would require a purchase volume of 500,000 BTC ($31 billion).
“History doesn’t have to repeat itself,” he concluded.
**BTC supply currently in profit. Source: Axel Adler Jr./X**
In a separate report, Adler indicated an 18% drop in the percentage of the BTC supply that is profitable, reflecting a general sentiment of pessimism among Bitcoin holders.
This article is not intended to provide investment advice or recommendations. Every investment and trading decision involves risk, and individuals should perform their own research before making a decision.