Bitcoin (BTC) price managed to maintain a northbound trajectory after the April 20 halving, despite bold assertions by analysts that the event would be a “sell the news” situation.
Bitcoin price has dropped almost 3% already with prospects for additional losses. Volume profile shows significant bearish activity between $68,000 and $64,806 range. $71 million longs have already been liquidated in past 24 hours as global crypto market cap shrinks to $2.41 trillion. Bitcoin price managed to maintain a northbound trajectory after the April 20 halving, despite bold assertions by analysts that the event would be a “sell the news” situation.
Technical analysis: Extended sell-off expected if Bitcoin price drops below $62,300 Bitcoin price is sitting on support due to the 50-day Smooth Moving Average at $64,809, but this may not hold as a cloud of bearish activity hovers above the price. This is shown by the gray spikes seen on the volume profile relative to the yellow spikes on the right side of the chart.
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