On April 23, Bitcoin (BTC) price remained below $40,000 as the market expects additional losses. Investors’ lack of faith in a short-term recovery is causing Bitcoin to follow the stock market lead and face resistance near the $40,000 level.
Bitcoin is following the dream of the stock market, experts are waiting for $ 37,500
On April 21, when the selling pressure was heavy, the market continued to lose blood, while Bitcoin sales continued without slowing down. Bitcoin price saw a double-digit correction after the stock market drop. According to TradingView data, on April 24, Bitcoin price is consolidating just below $40,000.
Buy orders are concentrated in the region of $37,500
The crypto market rose significantly on April 21 as Bitcoin rallied above $42,700. Unfortunately, the day cost the bulls $40,000 support and at the time of writing the downtrend continues. The Material Indicators team from Twitter observed that bids are being filled at lower prices for orders. According to a chart, there are nearly $100 million pending bids on Binance between the spot and $37,500. @MI_Algos interprets the data as:
The heatmap shows ~$100M in Bitcoin bid liquidity between here and $37.5K range.
BTC price predictions
Many traders are about Bitcoin waiting before making any decision. As a result, the BTC/USD exchange rate was now in a critical zone. In his recent analysis, Michaël van de Poppe, CEO and Founder of Eight Golbal says:
Let’s see how the market will react in Bitcoin from this space.
Cheds, whose analysis we have shared as Cryptokoin.com, is the price performance of the last few weeks. shares bearish signals. He warned on April 22 that Bitcoin could be in more trouble than people thought as it failed to stay above its range earlier this month. Cheds tweeted today:
BTC, I believe most market participants underestimate the impact of this failed exit.
Bitcoin is experiencing many pessimistic predictions about its price in the medium term. One example is former BitMEX CEO Arthur Hayes, who believes the price will reach $30,000 by June.
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