Over the last 24 hours, the market has traded with little volatility. Bitcoin, the market leader, climbed 1.12 percent, while Ethereum gained only 0.44 percent. The price of the rest of the leading altcoins remained stable.
BTC Price Action
On the 4-hour chart, the Bitcoin price has been in retracement for the previous few hours, indicating that another local higher low will be recorded later this week.
So far this week, bitcoin’s price has enjoyed a robust increase. After breaking through the initial barrier level of $40,600 on April 18, 2022, BTC/USD climbed further higher over the next few days.
Bullish momentum reappeared overnight after another higher bottom was made at $41,000 yesterday. Another 5% was promptly added to the $43,000 level, signalling continued bullish momentum.
However, given the bulls’ exhaustion, a retracement is required right now. The recent rejection will most likely lead to another local higher low being formed in the coming days, allowing for more upside to be tested next week.
BTC Price to Dive Alongside Stocks?
Bitcoin was under selling pressure as Wall Street began today, resuming market losses from April 21.
Following the stock market crash, bitcoin values fell. As a result, many analysts expect that the price of Bitcoin will plummet, maybe to $37,500 per coin.
The Material Indicators team noticed that bids for analytics resources’ order books were filling at reduced prices.
A chart showed that almost $100 million in bids were waiting on Binance between spot and $37,500.
Material in a tweet said that, between here and the $37.5k area, FireCharts shows $100M in bitcoin bid liquidity.
Expecting it to be filled, but keeping an eye on whether BTC/USDT liquidity flows to the active buy zone or the active buy zone goes to the binance order book orders.
Today, the stock market in the United States continued to fall. In the first 90 minutes of trade, the S&P 500 was down 1.75 percent, and the Nasdaq 100 was down 1.43 percent. In Europe, the bond market sell-off has worsened to “historic proportions.”