On April 19, Bitcoin (BTC) experienced sudden price fluctuations due to political instability in the Middle East causing market turbulence.
BTC price whipsaws into halving
Based on information from CryptoMoon Markets Pro and TradingView, the price of Bitcoin reached a new seven-week low of $59,630 following the market closure on April 18th.
This month, the strained relations between Iran and Israel led to increased tensions, a subject that significantly impacted Bitcoin’s price. Consequently, Bitcoin experienced a significant drop from its peak of $70,000.
According to CryptoMoon’s report, there was a small market recovery the previous day. However, this was quickly reversed when investors reacted to new information.
In the face of whispers that things may not worsen any more, Bitcoin (BTC) against the US Dollar made a remarkable recovery from its depths and touched new peak prices at $65,190.
In our continuous reporting on X, previously known as Twitter, well-known Bitcoin trader Skew pointed out that the unpredictable price swings had resulted in losses for those holding both long and short positions on the cryptocurrency.
In simpler terms, “Interest from long-term investors is increasing now that short-term bets have been invalidated.”
At the moment of writing, the market recovery, which had just started an hour prior according to Skew, was being fueled by strong spot demand. Notably, substantial bids under the price mark of $60,000 had been recorded during this timeframe.
According to recent data from monitoring tool CoinGlass, short sellers were taken aback by an unexpected development.
In just a flash, the market for selling Bitcoin between $64,000 and $65,000 was exhausted, leaving little large orders nearby the current price. A fresh line of buy orders emerged only at $61,200.
“It may not seem significant, but that’s approximately $100 million worth of Bitcoin buy orders recently appeared at lower prices to help boost the market.”
“Good luck getting back in if you sold the bottom because of some news headline.”
Total cross-crypto short liquidations for the past 24 hours stood at $138 million.
Battle for Bitcoin weekly close is on
Surprisingly, despite the intense scrutiny on Bitcoin’s daily price fluctuations, the upcoming block reward halving has garnered relatively less discussion.
Today marks the day before Bitcoin’s halving event, and the market seems to have established a distinct floor near the recent lows as indicated by QCP Capital in their most recent Asian morning market update shared via Telegram.
As the highly anticipated event drew closer with only about 15 hours remaining, excitement once again surfaced among those expecting a rally.
Trader Jelle explained, “We initiated ‘Weekly Salvage’ this week’s start, focusing on the imminent closing of the weekly candlestick.”
Crypto Ed, the founder of trading platform CryptoTA, reached predetermined low points. This opens up an opportunity for a prolonged market upturn.
“Okay, let me call the bottom here!” he told X followers.
“IF (big IF) no more big news coming from Middle East, I believe the bottom is in and BTC starting its next leg up and do a nice relief/halving rally!”
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2024-04-19 11:47