Bitcoin price is rising again after the panic linked to Mt.
Bitcoin price dropped with these news
The reports Arkham submitted yesterday, Mt. Gox and the US government’s wallets. Many people said that the news shared by Arkham was wrong. However, BTC price had to lose the $28,000 support amid widespread rumors. The sharp drop in First Republic Bank shares, which we quoted as Kriptokoin.com, was another development that affected the BTC price.
After Arkham’s claims turned out to be false, Bitcoin climbs back to $30,000 as the panic dissipates in the new day. According to data from TradingView, its price has risen by nearly $2,000 from the previous day’s low today. At the time of writing, it is consolidating just above the $29,000 support it recently lost.
BTC price is recovering, now what next?
A subsequent recovery brought the price back to $29,500 before consolidation began. Commenting on the moves, popular trader Jelle urged his Twitter followers to collect short-term gains.
According to the analyst, “Positioning with volatility is fine, but stay focused on the bigger picture. Targets above $30,000 are rising fast”. Jelle adds that he is “not sure” about the short-term price trend, but that eliminating leveraged positions “generally bodes well” for market power.
How have analysts reacted to the recent Bitcoin move?
Another popular trader, Crypto Tony, chose to wait for more clues before entering the market. The analyst was generally wary of hard moves. According to their analysis:
$27,700 is the level I’ve been watching closely today for the short position. To get into this I have to see weakness first but even here for a long time it seems risky to me…
Analyst Muro focused on $29,500 as the make-or-finish zone for Bitcoin with acceptance or rejection at this level to determine the trend direction.
$BTC thoughts
Watching 29500 for either rejection and a bigger correction (blue drawing)
or consolidation above 29500 would indicate a move higher to me (red) pic.twitter.com/ExWwp6kxZG
— Muro (@MuroCrypto) April 27, 2023
A large group of traders were wiped out by the BTC price drop
On April 26, both short and long transactions took a hit as Bitcoin liquidations crossed $150 million. The total of cross-crypto liquidations has exceeded $320 million.
Observers noted a particularly intense response to the news event on the lower timeframes, including contributors to on-chain analytics platform CryptoQuant.
https://twitter.com/gaah_im/status/1651346170839547904
According to CoinMarketCap, BTC was trading at $28,960.15 at the time of writing, with a market cap of $560 billion. The trading volume of the leading cryptocurrency was over $30 billion. It keeps its intraday gains in the red around 2% after its dramatic collapse. In the same time frame, a similar drop is sweeping the entire altcoin market. EGLD and OSMO are among the coins that are having a green day with gains of over 5 percent.
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