Fun

Bitcoin algos sell at Wall Street open as BTC price struggles at $66K

News Feed - 2024-04-23 12:04:09

William Suberg8 hours agoBitcoin algos sell at Wall Street open as BTC price struggles at $66KBitcoin bids and asks build around BTC spot price as analysis sees the chance of a liquidity hunt next.2190 Total views11 Total sharesMarket UpdateOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin (BTC) stalled its post-halving comeback at the April 22 Wall Street open as a “sea” of automated trading algorithms sold BTC.BTC/USD 1-hour chart. Source: TradingViewBids and asks squeeze BTC price


Data from Cointelegraph Markets Pro and TradingView showed BTC price momentum waning after hitting weekly highs of $66,546 on Bitstamp.


Despite a promising comeback after the prior week’s lows, Bitcoin faced stiff resistance on the day, with buyers outnumbered.


“So far spot flow is basically just one individual bidding vs a sea of algos selling. Could be a boring session till later,” popular trader Skew summarized on X (formerly Twitter).


Skew had previously noted that liquidity was moving closer to spot price — typically an attempt to lure the market.


The latest data from monitoring resource CoinGlass showed a cloud of bids appearing between $64,000 and $65,500 on April 22.


A similar picture involved fresh ask liquidity, which was stacked between $66,500 and $67,750.


“Time will tell if they"re spoof orders,” Skew added.BTC liquidity heatmap (screenshot). Source: CoinGlass


Analyst Matthew Hyland meanwhile revealed a key moving average being held at the latest weekly close.


Bitcoin’s 10-week simple moving average (SMA) functions as an important bull market support line, and has successfully buoyed the market since October 2023.


The 10-week SMA stood at $65,686 at the time of writing.BTC/USD 1-week chart with 10SMA. Source: TradingViewOne more long liquidity hunt?


BTC price action thus adhered to a theory put forward by popular trader and analyst Credible Crypto earlier in the day.


Related: BTC trades at ‘deep discount’ after halving — 5 things to know in Bitcoin this week


BTC/USD, he suggested, could return lower to liquidate long positions once more before definitively reversing upward. Open Interest (OI), he noted, was already increasing.


“If this move up falters before it really even begins then I"d expect something like this to develop,” part of an X post explained alongside an illustrative chart.“Decent OI ramp on LTF here since this move up began so a move back down to wipe longs before the ‘real’ pump would not surprise me.”BTC/USD chart. Source: Credible Crypto/X


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Bitcoin Price# MarketsAdd reaction

News Feed

$1 Million Bitcoin Giveaway: Rapper Megan Thee Stallion Hands Out Free BTC on Twitter
$1 Million Bitcoin Giveaway: Rapper Megan Thee Stallion Hands Out Free BTC on Twitter American rapper and hip hop artist Megan Thee Stallion is giving away $1 mi
Tether helps US DOJ and FBI recover $1.4M in stolen funds
Tristan Greene8 hours agoTether helps US DOJ and FBI recover $1.4M in stolen fundsThe U.S. Attorney’s Office says this is one of the first times the U.S. has recovered USDT from an unhosted digital currency wallet.2322
William Suberg54 minutes agoBitcoin traders demand ‘slow grind’ up after BTC price drops over 4%BTC price support gives in to sellers at six-week highs, but Bitcoin remains in its classic trading range.445 Total view
Blackrock’s Chief Investment Officer: Cryptocurrency Is Here to Stay, Bitcoin Could Replace Gold
Blackrock"s Chief Investment Officer: Cryptocurrency Is Here to Stay, Bitcoin Could Replace Gold Blackrock’s Chief Investment Officer, Rick Rieder, said cr
Trump Threatens to Close Down Social Media Platforms After Twitter Tampers With His Tweets
Trump Threatens to Close Down Social Media Platforms After Twitter Tampers With His TweetsA row with Twitter has provoked U.S. President Donald Trump to threaten to close down socia
Sky High Bitcoin and Ethereum Fees: While Prices Jump the Cost to Transfer Follows Suit
Sky High Bitcoin and Ethereum Fees: While Prices Jump the Cost to Transfer Follows Suit While a number of digital currencies have seen price gains the two leadin
Mining Is Not Banned in Ukraine and Does Not Require Licensing, Key Crypto Advisor Says
Mining Is Not Banned in Ukraine and Does Not Require Licensing, Key Crypto Advisor Says The regulatory status of cryptocurrency mining remains somewhat undetermined in Ukraine, eve
Tesla Q2-2021 Earnings Call to Shed Light on Its Bitcoin Holdings
Tesla Q2-2021 Earnings Call to Shed Light on Its Bitcoin Holdings The upcoming Tesla Q2-2021 earnings call, which will be announced this Monday after market hour
Lithuania Issues Warning to Binance, Warns Investors Crypto Services Are Not Regulated
Lithuania Issues Warning to Binance, Warns Investors Crypto Services Are Not Regulated Binance’s regulatory troubles continue with Lithuania being the late
Bank of America Patents Method Using Ripple Technology
A non-utility patent filed by Bank of America has Ripple fans in high spirits today. The patent, which is dubbed “Real-time net settlement by distributed ledger system,” directly references Ripple’s di
Study: Nigeria Most Crypto-Obsessed English Speaking Country Globally
Study: Nigeria Most Crypto-Obsessed English Speaking Country Globally A new study has ranked Nigeria as the country most curious about cryptocurrency post the April crypto market c
Bitcoin Bearish Case Emerges – Is A Dump To $73,000 Coming?
Este artículo también está disponible en español. A new technical analysis on TradingView suggests Bitcoin may be approaching a decisive moment, with a possible breakdown