{"id":11535,"date":"2023-04-17T18:09:35","date_gmt":"2023-04-17T18:09:35","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=11535"},"modified":"2023-04-17T18:09:36","modified_gmt":"2023-04-17T18:09:36","slug":"bitcoin-sparks-liquidations-as-analyst-says-btc-price-may-dip-12-more","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=11535","title":{"rendered":"Bitcoin sparks liquidations as analyst says BTC price may dip 12% more"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) headed lower into the April 17 Wall Street open as downside began liquidating longs.<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>Bitcoin\u2019s price tipped for a break below $29,000<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD wicking to $29,247 on Bitstamp \u2014 its lowest in a week.<\/p>\n<p>Gains for Asian stocks failed to rescue the losses on the day, these beginning immediately after the April 16 weekly close. <\/p>\n<p>Traders, many of whom had predicted a retest of $30,000 support, were unsurprised, with many hoping that the event would form a \u201cbuy-the-dip\u201d opportunity before Bitcoin moved higher.<\/p>\n<p>Popular trader Crypto Ed said that BTC\/USD had \u201cswept the lows,\u201d while others focused on the area around $28,500 as a potential bottom zone.<\/p>\n<p lang=\"en\" dir=\"ltr\">$BTC <\/p>\n<p>Some level of support at 29.2 may gave some reaction but 28.6 will be the retest of a major level and a significant one at that. https:\/\/t.co\/LASJfYoZmb pic.twitter.com\/sdLrP51082<\/p>\n<p>\u2014 XO (@Trader_XO) April 17, 2023<\/p>\n<p>\u201cBTC bid ladders down to $28.5k want to get filled, but it\u2019s worth noting that the phrase, \u2018There are no straight lines in trading\u2019 applies in both directions,\u201d monitoring resource Material Indicators summarized, noting shifts in liquidity on the Binance order book.<\/p>\n<p><em>BTC\/USD order book data (Binance). Source: Material Indicators\/Twitter<\/em><\/p>\n<p>Material Indicators co-founder Keith Alan eyed the 21-day moving average at $28,860 as short-term support. <\/p>\n<p>Should this fail to hold, he said, it might spark a retest of the 200-week moving average at $25,860 \u2014 around 12% lower than the current spot price and 16.5% below the recent local high.<\/p>\n<p lang=\"en\" dir=\"ltr\">#Bitcoin starting the week with some downside volatility. If Technical Support at the 21-Day Moving Average doesn&#8217;t hold, I expect a long awaited retest of the 200 Week Moving Average. #NFA pic.twitter.com\/jPksE4sAIh<\/p>\n<p>\u2014 Keith Alan (@KAProductions) April 17, 2023<\/p>\n<p>Despite the broad optimism, Bitcoin bulls were feeling the pain at the time of writing, with long liquidations for April 17 totaling nearly $29 million, according to data from Coinglass. Cross-crypto liquidations stood at nearly $67 million.<\/p>\n<p>\u201cKey level here for Bitcoin,\u201d financial commentator Tedtalksmacro added. <\/p>\n<p>\u201cReclaiming $29.7k is key for new highs&#8230; you wanted dip, this is the dip!\u201d<em>Bitcoin liquidations chart. Source: Coinglass<\/em><\/p>\n<h2>U.S. dollar seeks \u201ctelegraphed\u201d double bottom<\/h2>\n<p>United States equities saw a muted reaction at the open, with the S&amp;P 500 and Nasdaq Composite Index both up by around 0.1%.<\/p>\n<p><strong><em>Related:\u00a0BTC price heading under $30K? 5 things to know in Bitcoin this week<\/em><\/strong><\/p>\n<p>The U.S. dollar made more solid gains, with the U.S. Dollar Index (DXY) above 102 after bouncing from its lowest levels in a year.<\/p>\n<p><em>U.S. Dollar Index (DXY) 1-day candle chart. Source: TradingView<\/em><\/p>\n<p>\u201cWatch $DXY today,\u201d analyst Justin Bennett told Twitter followers.\u00a0<\/p>\n<p>\u201cIf this plays out, it\u2019ll be the most telegraphed bottom that most failed to see bc they were promised a new bull market.\u201d<em>U.S. Dollar Index (DXY) annotated chart. Source: Justin Bennett\/Twitter<\/em><\/p>\n<p><em><strong>Magazine: Why join a blockchain gaming guild? Fun, profit and create better games<\/strong><\/em><\/p>\n<p class=\"post-content__disclaimer\">The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-sparks-liquidations-as-analyst-says-btc-price-may-dip-12-more\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) headed lower into the April 17 Wall Street open as downside began liquidating longs. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin\u2019s price tipped for a break below $29,000 Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD wicking to $29,247 on Bitstamp \u2014 its lowest in a week. Gains for Asian stocks [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11536,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-11535","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11535","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11535"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11535\/revisions"}],"predecessor-version":[{"id":11537,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11535\/revisions\/11537"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/11536"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11535"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11535"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11535"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}