Cryptocurrency markets saw a flurry of activity this week, with Bitcoin fighting to reclaim $30,000 at the April 19 Wall Street open. Earlier, BTC had lost $1,000 in minutes, with over $200 million in long liquidations accompanying the price drop below $30,000. Data suggested the movement had been caused by a 16,000 BTC market sale on Binance, although the event failed to be verified.

Nevertheless, the move was met with a positive attitude by market participants, with Credible Crypto tweeting that a fall of BTC to $28,000 could be seen as a normal and healthy reaction. Crypto Tony was more wary, expressing his belief that many longing now may regret it on Bitcoin. Fellow trader Rekt Capital argued that $28,800 was the key weekly level to keep an eye on. Analyst Caleb Franzen, meanwhile, noted that CME futures hadn't retested an important support and resistance zone at around $27,000.

Going by the data from Material Indicators, the key level for BTC to reclaim $30,000 is $29,500. Support for this lay in the fact that BTC flushed out $32M from its current range and created a “black hole” of illiquidity, making a bullish move more likely. As of yet, it is unclear if the bulls were able to step up and force the currency back up, but what is certain is that the digital landscape remains hawkish, with a close eye on Bitcoin’s progress.



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