Bitcoin (BTC) experienced a setback in its post-halving recovery on April 22 as a large number of automated trading algorithms sold BTC. Despite a promising rebound from previous lows, Bitcoin faced strong resistance as buyers were outnumbered. Popular trader Skew noted that spot flow was dominated by algos selling, with only one individual bidding. The liquidity data revealed a concentration of bids between $64,000 and $65,500, while ask liquidity was stacked between $66,500 and $67,750. Analyst Matthew Hyland pointed out that Bitcoin’s 10-week simple moving average (SMA) served as a crucial support line and had successfully buoyed the market since October 2023. There is speculation that BTC price action may continue to liquidate long positions before reversing upward, as Open Interest (OI) is already increasing. However, it is important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research.
Wall Street's opening sees Bitcoin algorithms being sold as BTC price faces challenges at $66K