Bitcoin Follows US Stock Dive, Experts Predict $37,500 Price Level


With Wall Street opening today, to resume market losses on April 21, Bitcoin faced selling pressure.

Bitcoin prices fell after the stock market crash. As a result, many experts predict that the bitcoin price will be affected and may drop to $37,500 per coin.

Related reading | Will Bitcoin experience another major drop soon? Historical trend may say yes

According to the data of TradingView, on April 22, the price of Bitcoin reached $39,197.

Bitcoin price
Bitcoin trades below the significant $40K support level | Source: BTC/USD chart from Tradingview.com

The cryptocurrency market witnessed a significant rally yesterday, with the bitcoin price reaching over $42,700. Unfortunately, the day cost the bulls a $40K support, which had not yet become meaningful at the time of writing.

The Material Indicators team noticed that the bids were filled with low prices for the analytics resource request books.

According to the chart, there was about $100 million in bids awaiting Binance between the spot price and $37,500.

at tweetMaterial Indicators said,

#FireCharts is showing close to $100M in #bitcoin bid liquidity between here and $37.5K. We expect it to be filled, but keep an eye to see if the #BTCUSDT liquidity moves into the active buy zone or the buy zone moves to the orders on @ Finance order book.

stock market today

The US stock market continued to decline today. The S&P 500 is down 1.75%, and the Nasdaq 100 is down 1.43% in the first 90 minutes of trading.

The bond market sell-off worsened and reached “historic proportions” in Europe. In a tweet, markets commentator Holger Schaepitz said She said;

The ongoing sell-off in the European corporate bond market has reached historic levels, with high-quality bonds losing a record 8.6% in terms of total yield since their August peak. This is now a slowdown worse than the lows reached during the disruptions from early coronavirus and the GFC, the BBG calculates.

Bitcoin Price Predictions

Many traders were waiting before making any decisions regarding Bitcoin. As a result, the Bitcoin/US dollar exchange rate is now in a critical territory.

Related reading | Time vs. Price: Why This Bitcoin Correction Was the Most Painful So Far

Michael van de Poppe, CEO and Founder Eight Golbal, She said;

Level reached. Let’s see how the market will respond from this area on #Bitcoin

Cheds, a crypto finance analyst, has looked at price performance over the past few weeks and taken a riskier stance.

He warned on April 22 that Bitcoin may now be in more trouble than people think because it failed to stay above its range earlier this month.

In his tweet today, Cheds She said;

BTC USD I think most market participants are underestimating the impact of this failed breakout.

Bitcoin faced a lot of pessimistic predictions about its price in the medium term. One example is the former CEO of BitMEX Arthur HayesWho believes the price will reach $30,000 by June.

                    Featured image from Pixabay, chart from Tradingview.com





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