Bitcoin gains on April 19 were unexpectedly reversed when a series of lengthy liquidations pushed BTC/USD tumbling down.
According to Trading view, Bitcoin is currently at $29,015 on Bitstamp.
The abrupt advance came after an equally powerful recovery over the $30,000 barrier the day before, and bulls eventually failed to hold higher levels.
Bitcoin thus dropped to its lowest level since April 10 as volatility resurfaced and the upswing faced its most recent obstacle.
Micheal Van de Poppe, founder and CEO of trading firm Eight, reacted by saying “Deep correction on the markets, as Bitcoin can’t hold at $29,700-29,800 and shoots downwards through a cascade of liquidations”
Hours earlier, the monitoring tool Material Signals had alerted users to shifting market dynamics on the Binance order book, claiming that the outcome might still go either way, favoring bulls or bears.
Some traders, including bullish trader Crypto Kaleo, maintained their optimism.
He reminded Twitter users that “dips are gifts” and described the retracement as “beautiful” for tagging the range lows.
Meanwhile, total crypto long liquidations for April 19 on platforms tracked by data resources were around $175 million at the time of writing.
Volatility resurfaced around the weekly close on April 16.
With it, BTC/USD returned to $30,000 for the first time since last week, when it achieved 10-month highs above $31,000.
The move was widely anticipated by traders and analysts, who said that it would represent a good pullback to be ready for the uptrend’s continuance.
Skew, an analytics resource, observed the impact of the dip on exchanges and highlighted a clear divergence between spot sellers and derivatives traders.
Popular trader and analyst Rekt Capital, while striking an optimistic note said that:
“$BTC is currently successfully retesting the top of the Bull Flag price broke out from a few days ago. Hold here would be a good contributing sign for continuation”
With Ether overtaking Bitcoin, the coming days will offer risk asset traders some comparative respite.
The Kobissi Letter Summarized that earning seasons are officially here, following recent development with significant players such as Tesla and Netflix as well as a number of banks that are closely monitored by market participants.
A financial expert who also focuses on cryptocurrencies, Tedtalksmacro, summarized the present climate as being extremely conducive for continued Bitcoin price growth last week.
The recent reversal of Bitcoin’s gains due to liquidations highlights the ongoing volatility and unpredictability of the cryptocurrency market. Traders must remain vigilant and adapt their strategies accordingly to mitigate risks and take advantage of market opportunities. Additionally, the macroeconomic discussion on earnings and the performance of significant players like Tesla and Netflix, as well as banks, underscores the importance of keeping track of market developments and their potential impact on the cryptocurrency market. Overall, these developments reinforce the need for traders to stay informed and agile in navigating the ever-changing crypto landscape.
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