The price recently climbed to a high of 1.426 before pulling back from the 1.322 low range area. Following this volatility, the price has now stabilized within a tight range.
The deep involvement of Wall Street market makers has reduced cross-exchange arbitrage opportunities, but it has also amplified the risk of cascading margin calls the moment certain macroeconomic data is released.
The market never lacks liquidity; what it lacks is a consensus that "wealth can continuously appreciate." BTC exists to provide a decentralized hedging solution for the out-of-control fiat currency system.
The market lacks follow-up buying power, and there is dense resistance above. It is necessary to closely defend the support level and wait for a signal of increased volume.