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Tuesday, June 28, 2022

Bitcoin Is Currently Holding $40K Over The Easter Weekend

There is the expectation from Bitcoin that its price will decrease even more in the upcoming days as compression of price is the main feature in the chart of the weekend of Easter. On this weekend of the Easter celebration, Bitcoin chose price compression to give the traders who were nervous a dive below the price range of $40,000. 

Bitcoin Traders Are Haunted By Capitulation And Thin Liquidity Risk

In the views of TradingView and Cointelegraph Markets Pro, the pair BTC/USD is going forward with a narrow range with its ceiling at $40,700 on 16th and 17th April. There were some actions that were observed by the pair on this holiday with the market of equities in the U.S. going off from 15th April which allowed the crypto to not pay attention to volatility based on correlation.  

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18th April was marked as a non-trading day and Bitcoin decided to go for ‘out-of-hours’ trading for four days straight. This means that the correlation of stocks did not matter much in those days, however, other forces could spook sentiments. 

The liquidity of markets was quite low as compared to workdays, but, some feared that any unexpected move can be exacerbated due to thin order books. After going through all the moves for the whole weekend like Deribit Insights, a conclusion was reached that flagged liquidity is one of the main reasons for influencing decisions regarding real-time investors. 

However, a wary perspective was gained from well-known commentator and trader, Pentoshi. As per them, case there is a reclaim of levels that goes beyond the current trading range would portray a feeling of bullishness on the fact of the upcoming condition of the pair. The most crucial spot is 44.5K which shows bullish momentum. The idea is that BTC is up for gain in the future if the traders could handle a little pain in the current situation.

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