Bitcoin Price Today Holds Above $111,000 as Order Book Depth Returns for BTC

Galaxy Digital CEO Mike Novogratz believes the crypto market structure despite the liquidity wipeout earlier this month.

He framed the event as a heavy deleveraging that did not break Bitcoin’s core architecture. Order-book depth, which thinned during the shakeout, has started to rebuild as larger participants re-enter and spreads normalize.

Earlier this month, the market saw one of its largest liquidity wipeouts, eliminating many leveraged traders and sidelining market makers, which reduced depth across major venues.

Novogratz acknowledged the risk as market-maker presence thinned, but argued the purge cleaned up excess leverage. Since the flush, order books have begun to refill and two-way flow has improved, even if conditions remain lighter than before the crash.

The crypto market expert described the aftermath as a mix of benefits and drawbacks. On the positive side, less leverage reduces systemic stress. On the negative side, rebuilding depth and confidence can take weeks or months before momentum fully returns.

Despite the contrasting narratives, Novogratz believes the continued debasement of fiat currencies across major economies is crucial to the growing visibility of Bitcoin and cryptocurrency.

General market consensus expects the to move through in the Senate in the next six weeks, to give the crypto market a significant jolt to the upside.

In the meantime, Bitcoin is reflecting positive signals by forming a base and establishing support in a good area after the recent crash. The pioneer cryptocurrency has bounced off the $107,500 support region multiple times, transmitting positive signals that suggest a return to higher levels.

TradingView’s data shows that Bitcoin traded for $111,260 at the time of writing, reflecting a 7.5% recovery from the October 10 historical price crash.

Although the lack of liquidity is evident in the cryptocurrency’s current behavior, which confirms Novogratz’s observation, analysts believe that consolidating above the current support will boost users’ confidence and increase Bitcoin’s demand, pushing the price to higher levels.