Bitcoin Consumes Bid Liquidity in $65K Battle

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At the opening of Wall Street on April 15, Bitcoin was hovering near $65,500 in value. After the volatile price drops over the previous weekend, traders were taking a moment to recover.

According to TradingView’s data, the US “TradFi” markets began the week quietly. However, the dramatic drop in BTC/USD to approximately $61,000 over the weekend stood out starkly against the current lack of market turbulence.

With rising geopolitical conflicts in the Middle East, Bitcoin proved to be a more stable investment compared to other cryptocurrencies. However, investors are now preparing for Bitcoin’s upcoming block reward halving, which could lead to volatile market conditions in the near future.

Co-founder of trading resource Material Indicators Keith Alan stated in part of a discussion on X, “With the halving coming up in less than a week, I won’t be surprised to see a pump to the halving followed by a dump after the halving to shakeout weak hands before the next leg up.”

Alan also mentioned, “Geopolitical tensions could potentially change the course, so I’m keeping a close eye on that development. As for the exchange market, liquidity is starting to shift, and I believe the resistance level above $70,000 will remain strong until buyers manage to attract more bids at the current price.”

Bitcoin Consumes Bid Liquidity in $65K Battle

At present, according to CoinGlass data, the amount of bids available for Bitcoin is decreasing, with a notable reduction occurring near the price point of $64,000.

Trading expert Skew noted this morning saw numerous attempts by systematic strategies to retest, signaling what could be a significant day for the crypto market in determining its upcoming trend. Skew advised keeping track of Bitcoin’s exponential moving averages (EMAs) on both 4-hour and daily charts. Furthermore, Bitcoin’s relative strength index (RSI) needs to surpass the midpoint 50 level for confirmation.

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2024-04-15 22:28