BTC price continues its supply liquidity tests
The Bitcoin price returned to the $61,000 area and projections point to it losing the $60,000 level and continuing decline to lower levels, according to analysts the Bitcoin needs to clear liquidity at $57,000 for a potential rally after the next Halving unfolds.
Now, beyond the likely direction Bitcoin's price direction will take, what is certain is that BTC "is struggling to regain lost ground after plunging 15% from all-time highs. Increasingly threatening a break below USD 60,000, BTC's price action has confounded previously bullish sentiment, and a flurry of downside price targets has emerged as a result."
It has indicated that much to the chagrin of the "Bitcoin block grant halving event scheduled for April 19, which in recent years has been accompanied by lackluster BTC price performance in the short term"
On the other hand, it is known that "There are piles of long liquidations of about USD 2.2 billion to USD 57,000 that the smart money needs to clear and, at the same time, re-accumulate for a post-halving rally."
What is certain is that, ""Speculators are very sensitive to spot moves, so expect broad moves and liquidity wicks," predicted popular trader Skew in part of the day's analysis before Wall Street opened"
SOURCES CONSULTED
Cointelegraph. Bitcoin 'needs to clear' $57K liquidity for post-halving rally — Trader. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
