The risk of a BTC support 'rug' is still there, warns MI_Algos.
BTC/USD order book data . Source: Material Indicators/ Twitter“They are trying to attract more bids to exploit the thin upside liquidity,” Material Indicators added.
“We could debate 100 different strategic reasons why, but the net effect of big increases in bid liquidity is the same, at least until we retest the local lows and they start rugging support.” Fellow trader Byzantine General noted similarly unusual order book composition at derivatives platform Deribit, with support laddered between $20,000 and $21,000.“Deribit's book looks interesting. It's not often so skewed to one side,” it
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