Source: Cointelegraph
Original: “Bitcoin (BTC) Holds Steady at $90,000, Why is Market 'Greed' Sentiment Fading?”
Key Points Summary:
On April 24, Bitcoin oscillated below a key resistance level, with some analysts predicting its price may retreat below $90,000.
Analysts: Bitcoin Price Correction is “Quite Normal”
Data from Cointelegraph Markets Pro and TradingView shows that BTC/USD tested $92,000 as a support level overnight.
Despite ongoing uncertainty in the global market regarding the direction of the U.S. trade war, the trading pair has largely maintained near six-week highs.
“The market rose over 1% today without any news stimulus,” summarized trading resource platform The Kobeissi Letter in its latest analysis on the X platform, accompanied by a chart of the S&P 500 index.
“As we have seen multiple times this year, this trend almost feels like someone is positioning ahead of certain news. We expect some positive announcement to come soon.”
Bitcoin continues to ignore various news events, leaving volatility to the stock market; meanwhile, gold is attempting to stabilize after retreating from historical highs earlier this week.
“A slight correction after a significant breakout is quite normal for Bitcoin,” said crypto trader, analyst, and entrepreneur Michaël van de Poppe on the X platform that day.
“Buying pressure may come in quickly, and then we will continue towards new all-time highs (ATH).”
After the rapid rise of BTC/USD, more people are beginning to consider the possibility of a deeper correction, and the market may again dip below $90,000.
“A pullback to 88K would be lovely,” said well-known trader Inmortal.
A dip to 88k would be lovely. If the market gives it, I will probably play one of these two setups, or both. $BTC pic.twitter.com/ysqiheds7X
Trader and analyst Rekt Capital shares a similar view on the potential support retest.
He noted that Bitcoin's price action closely mirrors its behavior during the mid-phase of the previous bull market in 2021.
“If a post-breakout retest is indeed needed, as part of Bitcoin's continued repetition of mid-2021 price behavior, it may pull back to the $87,000 (green EMA) level,” he commented on a weekly chart showing two exponential moving averages (EMA).
He added, “It depends on whether Bitcoin can close above $93,500 this week.”
Bitcoin Bulls Seek to Liquidate Leveraged Short Positions
The main target for bulls remains above the year-to-date opening price, around the $93,000 level, which still acts as resistance at the time of writing.
This key level coincides with a cluster of potential liquidation levels on the exchange order book, creating favorable conditions for a “short squeeze” as long as the price attacks that area.
$BTC Liquidation heatmap shows that liquidity of leveraged positions is building up on both sides. Leveraged longs mainly around $91,400. Leveraged shorts around $93,500-$94,500. pic.twitter.com/d2jCyO2FdC
Latest monitoring data shows that the densest area of liquidations is concentrated around $93,600.
Earlier, Cointelegraph reported that a large trading entity known as "whale Spoofy" removed sell orders at the $90,000 mark.
Related: Bitcoin (BTC) Strong Rebound: Bulls Aim for $100,000, Shorts Urgently Cover to Hedge
This article does not contain any investment advice or recommendations. Any investment and trading activities involve risks, and readers should conduct their own research before making decisions.
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