Bitcoin was trading around $65,500 at the Wall Street open on April 15, as traders dried their tears following the weekend’s BTC price washout.
Data from TradingView showed that the United States “TradFi” trading week got off to a relatively quiet start. The scenes from the weekend, when BTC/USD plunged to around $61,000, were sharply contrasted with the absence of volatility at the time of writing.
As geopolitical tensions rose in the Middle East, Bitcoin fared better than altcoins. Now, traders brace for Bitcoin’s impending block rewards halving, expecting turbulent short-term trading conditions.
Co-founder of trading resource Material Indicators Keith Alan stated in part of a discussion on X, “With the halving coming up in less than a week, I won’t be surprised to see a pump to the halving followed by a dump after the halving to shakeout weak hands before the next leg up.”
Alan added, “Of course escalating geopolitical tensions might alter the trajectory, so certainly tuned into that.” He pointed out that exchange order book liquidity conditions were shifting and predicted that overhead resistance over $70,000 would hold until bulls were able to entice bids to the present spot price.
As of the current moment, CoinGlass monitoring tool data shows a decrease in bid liquidity for Bitcoin, particularly at and around $64,000.
Popular trader Skew said, “Lots of systematic retests this morning, important day I think for crypto market to establish the next phase for direction.” Skew emphasized the importance of maintaining exponential moving averages (EMAs) on both 4-hour and daily timeframes. Additionally, Bitcoin’s relative strength index (RSI) must rise above the central 50 level.
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