At the opening of Wall Street on April 15, Bitcoin’s (BTC) price hovered around $65,500 as investors regained their composure following the significant drop in BTC value over the weekend.
BTC price stems volatility after weekend dip bounce
The data from CryptoMoon Markets Pro and TradingView showed a relatively quiet beginning to the US “TradFi” trading week, with minimal activity observed.
At the moment I’m penning this down, the market calmness stands in stark contrast to the turbulence over the weekend when BTC/USD plummeted close to $61,000.
In response to the unrest in Middle Eastern geopolitics, Bitcoin acted swiftly and managed to minimize the heavy losses it endured compared to other cryptocurrencies (altcoins).
Currently, traders are facing a challenging time as they approach a phase with Bitcoin’s block reward reduction imminent. This event, known for causing volatility, is expected to occur soon and add to the uncertainty in the market.
“Before the upcoming halving event, which is only a few days away, I expect to see a price surge as investors rush in. However, after the halving, there might be a significant drop in price to eliminate weaker investors before the next period of growth.” – Keith Alan, Material Indicators co-founder (regarding X, formerly Twitter)
“Of course escalating geopolitical tensions might alter the trajectory, so certainly tuned into that.”
Alan drew attention to the shifting liquidity in the exchange order book for Bitcoin, implying that the resistance level at $70,000 might persist until buyers managed to attract more bids near the current market price.
At present, information obtained from the monitoring tool CoinGlass indicates that Bitcoin was consuming bid liquidity beneath the price point of $66,000. In simpler terms, this means that there were fewer buyers willing to purchase Bitcoin at those lower prices.
This morning, there have been numerous retests carried out systematically. I believe today is significant for the crypto market as it may determine the direction for the upcoming phase. According to trader Skew.
To maintain the effectiveness of Exponential Moving Averages (EMAs) for Bitcoin, it’s important to keep track of them on both 4-hour and daily charts. In addition, the Relative Strength Index (RSI) for Bitcoin should bounce back above its midpoint at 50 on the same timeframes.
Bitcoin ETF buyers under the microscope
When it was announced that Hong Kong allowed the trading of Bitcoin and Ether ETFs, the spotlight shifted back to the equivalent products in the United States.
With a decline observed during the weekend, some investors, including Skew, grew worried that they could exit the market en masse when trading resumed on Monday.
“He mentioned in a recent X post that he would closely monitor red premarket situations in the spot ETF markets, with an awareness of how prices could be affected by large trades.”
According to CryptoMoon’s latest update, the rate at which investors have been pouring money into ETFs has decreased significantly compared to the past few weeks.
During that day, approximately 1,600 Bitcoins worth around $105 million were withdrawn from the Grayscale Bitcoin Trust (GBTC).
Arkham, a crypto intelligence firm, gathered the data and shared it with X, according to Daan Crypto Trades – a well-known trader in the industry. He noted that assessing the significance of GBTC (Grayscale Bitcoin Trust) flows as a metric had become less crucial.
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2024-04-15 17:40