Bitcoin went on to choose compression over the weekend of Easter- which definitely spared several traders a fresh dive as it went under $40,000. According to data that was received from TradingView and Cointelegraph Markets Pro, it was understood that the BTC/USD exchange did act upon the narrowing range with a sum of $40,700 as the ceiling on the 16th and 17th of April. The pair went on to see very little action as the holidays started, with the equities markets in the country allowing crypto to avoid volatility based on correlation.
Bitcoin Price Has Led To A Few Raised Eyebrows
On the 18th of April, Bitcoin was apparently set for four days of trading out of hours. Although this entailed that the stock’s correlation did matter less, there were several other forces at play that were quite ready to spook the existing sentiment. The liquidity of the market stayed pretty low than on the workdays- and although standard, some traders did fear that any quick moves could definitely exacerbate itself- as a result of thinner order books. Deribit Insights then went on to analyze the derivative moves over the weekend, where they flagged liquidity as one consideration that was influencing the investor decisions in real-time.
Pentoshi provided a different perspective that could ask Bitcoin traders to exercise a bit more caution. For them, only a reclaim of levels that were pretty beyond the current trading range would be sufficient for a more bullish feeling.
Kevin Svenson, who is quite popular on social media for his sentiment regarding Bitcoin, did warn traders that the current behavior of the chart would definitely be mimicking the period which was just before the bear market crash of the cryptocurrency in late 2018.