The Bitcoin (BTC) price fell below $ 60,000 on April 17 after strong gains last week pending Coinbase’s public listing on Nasdaq.
However, after the listing of COIN, which is the Coinbase stock index, the cryptocurrency market began a correction.
1 day BTC / USDT price chart (Binance). Source: TradingView.com
Expected fall in bitcoin sales in the news
Coinbase’s public listing has created great interest in the cryptocurrency market. It was the first public listing of a major cryptocurrency exchange that spurred institutional demand.
As a result, the cryptocurrency market grew, leading to the listing when the price of BTC reached a full-time high above $ 64. However, Bitcoin and Ether (ETH) should fall after that, given the trend towards selling cryptocurrencies after the big event.
Another important factor that contributed to the fall in prices was the relatively high degree of financing for the bitcoin market. This, along with strong technical resistance of $ 64,000- $ 65,000, were possible reasons why BTC tested $ 60,000 support after the Coinase listing hype began to fade.
Bitcoin financing rates. Source: Bybt.com
Meanwhile, the $ 60,000 level is an important price point for Bitcoin, as it took BTC almost a month to break through.
Therefore, it is important for Bitcoin to stay at $ 60,000 to maintain a bullish market structure next week.
Traders expect what can happen next
Meanwhile, cryptocurrency traders do not know where Bitcoin will go with the new weekly light.
For example, Cantering Clark, a popular cryptocurrency derivatives trader, said the market would not necessarily be bullish or bearish based on option data.
Open interest rates fluctuate in the bitcoin options market. Source: Bybt.com
Instead, Clarke pointed out that the trend in the options market indicates that Bitcoin is likely to see sideways movement, implying a consolidation of around $ 60K. He wrote:
“50k and 80k hit the highest / theoretical contract for BTC USD. I think these writers will be happy, and I still hold the same view that the end of April-May is the beginning of a shift that makes Bitcoin less favorable. And rotation. ”
In the long run, traders remain optimistic about Bitcoin. A trader under the pseudonym “Crypto Capo” noted that Bitcoin, based on historical trends, has moved beyond the area 1000 days ago.
“Now a little technical analysis of BTC in dollars. Bitcoin is outside the 1000-day accumulation range. This usually results in long periods. The current growth compared to the previous ATH is only 200%. ”