Bitcoin price tags new April low as traders weigh odds of $25K next
Bitcoin (BTC) headed toward range lows at the April 24 Wall Street open with investors at odds over when to take profit.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD falling below $27,300 on Bitstamp.
The pair had seen an initial positive reaction to the start of trading on Wall Street, this short lived as a trip to $27,045 marked new monthly lows.
Traders, already keen to see further downside to take waiting bid liquidity, were unperturbed.
“Patiently waiting for the sweep,” popular trader Johnny summarized.
Like many others, Johnny targeted $26,500 as a potential reversal zone, this marking the range low in place since mid-March and an important support zone.
Others were more reserved, with Phoenix calling for $25,000 should current support break down.
We'll probably go to 25K if this breaks, but it's support until proven otherwise$BTC #Bitcoin pic.twitter.com/tfPQUnWHww
Financial information resource Stockmoney Lizards likewise described $25,000 as “interesting” support should $27,000 fail.
Traders nonetheless stressed that Bitcoin remained bullish, eyeing a potential copycat move of price action from February, during which BTC/USD broke higher after a period of consolidation.
#Bitcoin4h chart... guess what? pic.twitter.com/5crcD2vv3v
Fresh research meanwhile showed hodlers in two minds over whether to sell into strength, even during Bitcoin’s run to $31,000.
Related: ‘Smart money’ eyes BTC bull run: 5 things to know in Bitcoin this week
In the latest edition of its weekly newsletter, “The Week On-Chain,” analytics firm Glassnode broke down profit and loss statistics from both long-term (LTHs) and short-term holders (STHs).
Unlike the news-induced sell-offs in 2021 and 2022, it argued, the average investor
Read more on cointelegraph.com
