Bitcoin trader anticipates seizing opportunity with increased liquidity as BTC price rebounds to 62K

Bitcoin (BTC) experienced a surge in value following the release of United States macroeconomic data after the Wall Street open on June 27. The price reached a daily high of $62,323 on Bitstamp, and despite concerns over inflation, the unemployment data did not negatively impact the crypto market. At the time of writing, BTC/USD was up 2.3%, and traders were hopeful that this positive trajectory would continue and push the liquidity above the spot price. Traders noted that most of the liquidity was concentrated above the range lows at around $59K. Another positive sign was the consecutive net inflows to U.S. spot Bitcoin exchange-traded funds, which managed $21.4 million on June 26. However, there were concerns about a potential drawdown in the BTC price, with some experts suggesting that it could last up to five months. Axel Adler Jr., a contributor to CryptoQuant, compared the current market correction to the one seen in 2019-2020, which lasted five months with a maximum drawdown of -46%. Adler also highlighted a decrease in the portion of the BTC supply in profit, indicating a sense of pessimism among hodlers. It is important to note that this article does not provide investment advice and readers should conduct their own research before making any decisions.