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.”
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