Bitcoin price tags new April low as traders weigh odds of $25K next

Blockonomics
Bitcoin price tags new April low as traders weigh odds of $25K next
Bybit


Bitcoin (BTC) headed toward range lows at the April 24 Wall Street open, with investors at odds over when to take profit.

BTC/USD 1-day candle chart (Bitstamp). Source: TradingView

BTC price targets extend to $25,000

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD falling below $27,300 on Bitstamp.

The pair had seen an initial positive reaction to the start of trading on Wall Street, this short-lived as a trip to $27,045 marked new monthly lows.

Traders, already keen to see further downside to take waiting bid liquidity, were unperturbed.

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“Patiently waiting for the sweep,” popular trader Johnny summarized.

Like many others, Johnny targeted $26,500 as a potential reversal zone, this marking the range low in place since mid-March and an important support zone.

Others were more reserved, with Phoenix calling for $25,000 should current support break down.

Financial information resource Stockmoney Lizards likewise described $25,000 as “interesting” support should $27,000 fail.

Traders nonetheless stressed that Bitcoin remained bullish, eyeing a potential copycat move of price action from February, during which BTC/USD broke higher after a period of consolidation.

BTC sellers “less decisive” at $30,000

Fresh research, meanwhile, showed hodlers in two minds over whether to sell into strength, even during Bitcoin’s run to $31,000.

Related: ‘Smart money’ eyes BTC bull run: 5 things to know in Bitcoin this week

In the latest edition of its weekly newsletter, “The Week On-Chain,” analytics firm Glassnode broke down profit and loss statistics from both long-term (LTHs) and short-term holders (STHs).

Unlike the news-induced sell-offs in 2021 and 2022, it argued, the average investor is currently less inclined to reduce exposure, even in light of last week’s BTC price losses.

“Over recent weeks, we can see a mix of behavior, suggesting indecision across all cohorts bar the largest of entities with 10k+ BTC,” it explained.

“This aligns with aggregate consolidation, the brief break above $30k, and the subsequent sell-off back to $27k this week.”

With the area at $28,000 and up representing a major breakeven point across the hodler spectrum, the temptation to take profit should nevertheless be keenly felt.

“The aggregate value of profits realized remain relatively small compared to the size of the asset, however, they are of a USD magnitude equivalent to the 2019 rally to $14k,” Glassnode concluded.

“With accumulation and distribution behavior across several wallet cohorts mixed at the moment, the market appears less decisive than it has been in the first quarter of the year.”

Bitcoin hodler accumulation and distribution overview (screenshot). Source: Glassnode

Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.





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