Bitcoin Price Drops Over Easter, Analysts Divide »Crypto Insiders

Bitcoin (BTC) This morning it fell even lower. The bulls And bear They’re still dragging both sides, but the bears seem to be in control for now. Despite its strength on the chain Signals, selling pressure continues to mount due to the uncertainty in the financial markets.

The Bitcoin Index for Fear and Greed is 24. Fear
Current Price: $39.732 pic.twitter.com/53DAxoxLc1

Bitcoin Fear and Greed Indicator April 18 2022

Bitcoin price drops 3.5%

The Bitcoin price It lost momentum at $42,500 a week ago, then fell below $40,000 for the first time in a month. Despite a slight bounce on Wednesday, Bitcoin remained stable over the weekend Consolidation about $40,000†

Bitcoin tried to hold $40,500 yesterday, but lost ground again by midnight. Initially, bitcoin found support at around $39,700, but it also fell this morning. Bitcoin dropped to as low as $38,750 this morning.

Bitcoin’s drop this morning is accompanied by a significant liquidation, according to data from Coinglass. At least $200 million liquidated in the last 12 hours, of which 95% lung†

At the time of writing, Bitcoin is trying to recover $39,000 but it seems to be struggling. Bitcoin is at $38,950 at the time of writing KuCoin and 36,120 euros in Petavavo† This means that BTC price is 3.5% in negativity today and 7.5% in negativity compared to last week.

More pressure to sell bitcoin despite strong base

The drop means that Bitcoin is now falling back into the same range where the price stalled between the end of January and the middle of March. Opinions among analysts remain deeply divided over which way Bitcoin will go in the short term.

According to some analysts, there is a lot of support around the current price and this could be a bottom. These bulls may see bitcoin take a big hit soon recovery to make. However, many analysts also fear that Bitcoin will drop deeper first and then lows It was retested at the beginning of this year or even last summer. The drop could be somewhere between $27,000 and $35,000. Analyst Blockwise warns of a possible ‘surrender event’:

On-chain + TA indicators indicate a possible or impending surrender event # bitcoin

In 2018-2019 we experienced extreme pain as more coins were sold at a loss

In 2019-2020, we hit the lowest price low, and the scale was at the same point as today# bitcoin pic.twitter.com/YBcKRzBMgI

– Blockwise (Blockwise_) April 15, 2022

Glassnode also mentioned that the stock price is now in a “risk zone” which could cause more selling pressure, despite the “strong fundamentals”.

# bitcoin driven by external factors. Strong selling pressure in #BTC perp despite the strong fundamentals.

Our risk signal crossed into the high risk territory. see for yourself https://t.co/JaEggDzm5A pic.twitter.com/r0FitvmIEI

– 𝗡 𝗡 𝗴 (Ninetropic_) April 17 2022

However, the on the chain Bitcoin data continues to show that these fundamentals are getting stronger. Analyst PlanC, for example, indicates that the number of market participants is growing significantly. The lack of new participants has hampered the increase in recent months.

The growth of net market participants. # bitcoin #BTC pic.twitter.com/2adBZtAlaF

– Plan ©️ (TheRealPlanC) April 17 2022

Finally, analyst Lex Moskovsky reports that the supply of bitcoin on exchanges is also continuing to decline and has even reached a new low. This is a very bullish signal for Bitcoin over the long term.

Bitcoin on exchanges has reached another low. pic.twitter.com/5hIca0GsZS

– Lex Moskovsky 🐙 (mskvsk) April 18 2022

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