Bitcoin sparks liquidations as analyst says BTC price may dip 12% more
Bitcoin (BTC) headed lower into the April 17 Wall Street open as downside began liquidating longs.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD wicking to $29,247 on Bitstamp — its lowest in a week.
Gains for Asian stocks failed to rescue the losses on the day, these beginning immediately after the April 16 weekly close.
Traders, many of whom had predicted a retest of $30,000 support, were unsurprised, with many hoping that the event would form a “buy-the-dip” opportunity before Bitcoin moved higher.
Popular trader Crypto Ed said that BTC/USD had “swept the lows,” while others focused on the area around $28,500 as a potential bottom zone.
$BTC Some level of support at 29.2 may gave some reaction but 28.6 will be the retest of a major level and a significant one at that. https://t.co/LASJfYoZmb pic.twitter.com/sdLrP51082
“BTC bid ladders down to $28.5k want to get filled, but it's worth noting that the phrase, ‘There are no straight lines in trading’ applies in both directions,” monitoring resource Material Indicators summarized, noting shifts in liquidity on the Binance order book.
Material Indicators co-founder Keith Alan eyed the 21-day moving average at $28,860 as short-term support.
Should this fail to hold, he said, it might spark a retest of the 200-week moving average at $25,860 — around 12% lower than the current spot price and 16.5% below the recent local high.
#Bitcoin starting the week with some downside volatility. If Technical Support at the 21-Day Moving Average doesn't hold, I expect a long awaited retest of the 200 Week Moving Average. #NFA pic.twitter.com/jPksE4sAIh
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