According to Cointelegraph Markets Pro and TradingView, the price of BTC hit a seven-week low of $59,630 after the close of trading on April 18.
This was accompanied by renewed tensions between Iran and Israel, a particularly sensitive topic for #bitcoin this month, causing a significant drawdown from US$BTC According to Cointelegraph, there was a small recovery the day before, but it quickly tapered off as the market reacted to the latest developments.
Amid rumors that the situation may not escalate any further, BTC/USD bounced off the lows just as impressively to hit a local high of $BTC Popular trader Skew noted that volatility has burned both long and short #BTC positions.
"The shorts have deflated here and now there is more interest from longs and opening longs," he said in his latest post.
Mr. Skeu added that spot demand is now driving the upswing, and bets made on a move below $60,000 are "significant," according to him.
Meanwhile, the latest data from monitoring resource CoinGlass showed the extent of Shorter's surprise.
Seller-side liquidity between $64,000 and $65,000 was captured in an instant, leaving no significant blocks around the spot price other than a new wall of bids at the $61,200 level.
"It looks insignificant, but the $100 million bid for $100 million $BTC went below the price and supported the upside. " In part of his "X" comment, crypto trader Credible Crypto continued as follows.
"Good luck getting back in if you sold off the bottom because of the news headlines.
Over the past 24 hours, cross-cryptocurrency short liquidations totaled $138 million.
With all the attention on short-term price movements, the impending halving of bitcoin #blockchain subsidies has received surprisingly little attention.
Now, with less than 15 hours to go before this major event, expectations for potential upside are slowly returning to the radar.
I believe BTC has bottomed and will begin its next upswing and big rally.
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