Bitcoin (BTC) fought to regain lost ground at the April 19 Wall Street open as traders called for calm on the day’s downside.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
“Unusual” spot sell triggers BTC price suspicion
Data from Cointelegraph Markets Pro and TradingView monitored BTC/USD as it crawled toward $29,500 on Bitstamp.
The pair had shed $1,000 in minutes earlier on the day as over $200 million in long liquidations accompanied a return below $30,000.
Reactions subsequently linked the price action, which originated in a 16,000-BTC market sell on Binance, to a potential forthcoming news event, this ultimately failing to materialize at the time of writing.
$BTC
Either a new local low here if $29K is held & no FUD is dropped later
However, 16K BTC is unusual size to be market sold solely from Binance spot usually the kind of sale happens before bad news comes out.
if a nothing burger event; could see an omega short squeeze…
— Skew Δ (@52kskew) April 19, 2023
Market participants thus remained level-headed, arguing that important support levels were still present amid a healthy retracement.
“A move to 28k is normal/healthy,” popular trader Credible Crypto wrote in part of Twitter commentary.
#Bitcoin
Watch and know your levels to stay ahead. Manage your risk around them.
Still holding the important repair and breakout above $29,000. pic.twitter.com/wsNOaLSJUW
— Jordan (@Jordan__Lindsey) April 19, 2023
Fellow trader Crypto Tony was more cautious, hinting that he expected further downside to ensue next.
“Got a feeling many longing now are going to regret it on Bitcoin,” he tweeted.
“Personally am still out of a position currently. Rather wait for some solid PA to form before rushing in.”
Trader and analyst Rekt Capital, meanwhile, eyed $28,800 as the key level to watch on weekly timeframes.
#BTC has relief rallied into the Higher High,
Though $BTC Daily Closed above the Higher High, price wasn’t able to reclaim it as support
~$28800 (orange) is the key support to hold on the Weekly#Crypto #Bitcoin https://t.co/yUiLODm95h pic.twitter.com/KQ4gHHKTuy
— Rekt Capital (@rektcapital)…..