Bitcoin sold under pressure today as Wall Street opened, following a reprise of April 21st market losses.
Following the plunge in stock markets, Bitcoin prices dropped. Many experts believe that Bitcoin’s price will drop to $37.500 and could fall further.
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TradingView data indicates that Bitcoin prices reached $39,197 in April, according to TradingView.
Yesterday’s crypto market saw a significant increase, with Bitcoin surpassing $42,700. Bulls were not able to provide $40,000 of support for the day, and this was still meaningless at the time.
The Material Indicators team observed that the bids were filling at lower prices for analytics resources’ order books.
The chart indicates that Binance had about $100 million worth of bids between spot and 37,000.
In the following: tweet, Material Indicators said’
The #FireCharts #bitcoin liquidity is at $100M between the $27.5k and $37.5k ranges. We expect it to fill, but we’ll be watching closely to see whether #BTCUSDT liquidity moves towards the active buy zones or the order resting on that zone. Book of orders at @binance
Stock Market Today
Today’s U.S. stock markets continued their decline. The S&P 500 was down 1.75%, and the Nasdaq 100 was down 1.43% in the first 90 minutes of trading.
The bond market sell-off worsened and reached “historic proportions” in Europe. In a tweet, markets commentator Holger Zschaepitz said;
The European corporate bond market’s ongoing selloff has reached historic proportions, w/high-grade bonds losing a record 8.6% in total return terms since their Aug peak. This is now worse downturn than lows reached during early coronavirus turmoil & the GFC, BBG has calculated.
Predictions for Bitcoin’s Price
Many traders had to wait before they could make any Bitcoin decisions. The BTC/USD currency exchange rate is now at a crucial level.
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Michaël van de Poppe, CEO & Founder Eight Golbal, said;
It has reached its peak. Let’s see how the market will respond from this area on #Bitcoin
Analyst for crypto funds, Cheds, examined the performance of the cryptocurrency market over the past week and found a much more alarming trend.
Bitcoin could be more in trouble now than many people think, as it has failed to maintain its current range early this month. He warned that on April 22, 22.
He tweeted today: Cheds said;
$BTC I believe that most market participants underestimate the consequences of this failed breakout.
Bitcoin’s price has seen a lot pessimistic projections in recent months. Former CEO of BitMEX is one example. Arthur HayesHe believes the price will be $30,000 by June.
Featured image taken from Pixabay. Chart from Tradingview.com