Bitcoin

Momentum

April

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin’s post-halving recovery stalled due to automated trading algorithms selling BTC.</li>
 <li>Despite a promising comeback, Bitcoin faced strong resistance, with sellers outnumbering buyers.</li>
</ul>
<p>Bitcoin’s recovery after the halving faced a roadblock on April 22 as automated trading algorithms sold off Bitcoin.</p>
<h2 id="bitcoin-s-struggle-to-maintain-momentum">Bitcoin’s Struggle to Maintain Momentum</h2>
<p>The momentum of Bitcoin’s price began to wane after reaching weekly highs of $66,546. Despite the promising recovery from the previous week’s lows, the cryptocurrency faced significant resistance.</p>
<p>According to a popular trader, the market was primarily one individual bidding against a multitude of automated selling algorithms. The trader also noted that liquidity was moving closer to the spot price, a typical tactic to attract the market.</p>
<h2 id="market-dynamics-and-predictions">Market Dynamics and Predictions</h2>
<p>Data showed a surge of bids between $64,000 and $65,500 on April 22, with a similar increase in ask liquidity between $66,500 and $67,750. The trader speculated whether these were “spoof orders”.</p>
<p>Analyst Matthew Hyland pointed out that Bitcoin’s 10-week simple moving average (SMA), a key bull market support line, was being maintained at the latest weekly close. The 10-week SMA was $65,686 at the time of writing.</p>
<p>Another popular trader and analyst suggested that Bitcoin’s price action could return lower to liquidate long positions before definitively reversing upward. They noted that Open Interest was already increasing, suggesting a potential move down to wipe out long positions before a significant price increase.</p>

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