Bitcoin wipes out shorts like a seesaw. The price of bitcoin fluctuates in tandem with shifting geopolitical cues.
On April 19, there was sudden volatility in Bitcoin due to the spillover of Middle Eastern geopolitical unrest into financial markets.
According to TradingView data, following the daily close on April 18, the price of bitcoin fell to new seven-week lows of $59,630.
These coincided with heightened tensions between Israel and Iran, a particularly touchy subject for Bitcoin this month that contributed to a significant decline from $70,000.
A slight recovery had been in motion the day before, but this was quickly reversed when markets responded to the most recent information.
In the midst of speculation that things might not get worse, BTC/USD put on an equally spectacular comeback from the lows, hitting local highs of $65,190.
Popular trader Skew pointed out that the volatility was burning both long and short BTC positions in continuing coverage on X (previously Twitter).
A portion of his most recent article stated, “Shorts blown out here & now seeing more interest from longs aka longs opening.”
As of this writing, the rebound was only about an hour old, and Skew added that spot demand was now driving it. He added that bids under $60,000 that were placed during the trip were “sizable.”
Meanwhile, the most recent data from the monitoring resource CoinGlass showed how surprised shorters were.
In an instant, sell-side liquidity between $64,000 and $65,000 had been taken, and no meaningful blocks remained close to the spot price below a fresh wall of bids at $61,200.
Companion trader Credible Crypto added, “Doesn’t look like much, but that’s $100M in BTC bids just moved up below price to support the move up,” as part of his own X remark.
Good luck reentering the market if you sold at the bottom due to a news story.
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Surprisingly little thought was given to Bitcoin’s impending block subsidy halving, as short-term price fluctuations have garnered so much attention.
“The market seems to have formed a clearly defined baseline support level around the recent lows on the eve of the BTC halving,” trading firm QCP Capital stated in a portion of its most recent Asia Morning Colour market update that was distributed to Telegram channel users.
Less than fifteen hours remained until the historic occasion, and rumours of a possible rally were gradually resurfacing.
In reference to the impending weekly candle close, trader Jelle summarised, saying, “Operation’save the weekly’ started early this week.”
According to Crypto Ed, the developer of the trading website CryptoTA, downside targets had been reached, allowing for a long-term upswing.
He said to X followers, “All right, let me call the bottom here.”
I think we’ve reached the bottom, and BTC is starting its next leg up and doing a nice relief/halving rally IF (big IF) no more big news comes from the Middle East!
As the digital currency landscape continues to evolve, the weekly skirmish for Bitcoin supremacy unfolds with fervor.
Investors, traders, and enthusiasts alike are entrenched in a perpetual struggle, their eyes fixed on price charts and market movements, eagerly anticipating each twist and turn in the volatile journey of the cryptocurrency.
With its unparalleled volatility and global influence, Bitcoin stands as the focal point of this ongoing battle, where fortunes are made and lost in the blink of an eye.
Amidst regulatory shifts, technological advancements, and speculative fervor, participants brace themselves for the unpredictable terrain ahead, knowing that in the world of Bitcoin, every week brings new challenges and opportunities.
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