Bitcoin Follows US Stock Dive, Experts Predict $37,500 Price Level
April 23 2022 - 8:00AM
NEWSBTC
As Wall Street opened today, resuming April 21 market losses,
Bitcoin faced selling pressure. Bitcoin prices fell following
the stock market plunge. As a result, many experts predict that the
Bitcoin price will take a hit and can dive to $37,500 per coin.
Related Reading | Is Bitcoin Gonna See Another Big Drop Soon?
Historical Trend May Say Yes According to TradingView data, on
April 22, the price of Bitcoin hit $39,197. The crypto market
significantly increased yesterday, with Bitcoin reaching above
$42,700. Unfortunately, the day had cost bulls $40,000 support,
which had not yet become meaningful at the time of writing. The
Material Indicators team observed that the bids were filling at
lower prices for analytics resources’ order books. According to a
chart, there were about $100 million in bids waiting on Binance
between spot and $37,500. In a tweet, Material Indicators said’
#FireCharts is showing ~$100M in #bitcoin bid liquidity between
here and the $37.5k range. Expecting it to get filled, but watching
to see if #BTCUSDT liquidity moves to the active buy zone or the
buy zone moves to the orders resting on the @binance order
book. Stock Market Today The U.S. stock market continued to go down
today. 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. Bitcoin Price Predictions Many traders were
waiting before making any decisions about Bitcoin. As a result, the
BTC/USD exchange rate was now in a critical area. Related Reading |
Time Vs Price: Why This Bitcoin Correction Was The Most Painful Yet
Michaël van de Poppe, CEO & Founder Eight Golbal, said; The
level has hit. Let’s see how the market will respond from this area
on #Bitcoin Cheds, a crypto funding analyst, looked at the price
performance over the past few weeks and took a more ominous line.
Bitcoin may now be in more trouble than people thought because it
failed to stay above its range earlier this month, he warned on
April 22. In his tweet today, Cheds said; $BTC my belief is most
market participants are underestimating the impact of this failed
breakout. Bitcoin has been experiencing a lot of pessimistic
predictions about its price in the mid-term. One example is former
BitMEX CEO Arthur Hayes, who believes that the price will reach
$30,000 by June. Featured image from Pixabay, chart from
Tradingview.com
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