April 28, 2024
Bitcoin Dip Sparks Liquidation Risk, Bitcoin Price Today is $63,781
Bitcoin price today

Bitcoin Dip Sparks Liquidation Risk, Bitcoin Price Today is $63,781

Thursday, April 25, 2024: Bitcoin price today is $63,781, experienced a downturn following a rapid reaction to geopolitical developments, resulting in a loss of up to 5% for bulls. Market analysis from Markets Pro and TradingView indicated BTC attempting to establish support at $64,000 before the opening of Wall Street trading. The dip to $63,575 around the previous daily close was attributed to renewed tensions in the Middle East.

Bitcoin Price Today
BTC/USD 1-hour chart. Source: TradingView

Market Dynamics and Trader Insights

Data from CoinGlass revealed increased liquidation on both sides of the spot price across various cryptocurrency exchanges. Notably, a substantial cluster of asks emerged, starting at approximately $75 million at $64,765 and extending up to $67,700. Conversely, bid interest was relatively modest, primarily concentrated around $63,500, which marked the local low. Bitcoin managed to address one of two recently-formed CME Group futures gaps with its latest downward movement.

Bitcoin Price Today
Bitcoin liquidation heatmap (screenshot). Source: CoinGlass

Popular trader Daan Crypto Trades emphasized the importance of maintaining healthy funding rates for a gradual BTC price recovery. He cautioned against hasty long positions, advocating for a stable ascent to establish a robust foundation for higher prices. In its “New York Color” market updates shared with Telegram channel subscribers on April 24, trading firm QCP Capital highlighted a shift in crypto sentiment on lower timeframes, anticipating short-term consolidation with limited upside potential.

Source: Johnny

ETF Trends and Institutional Developments

In the United States, spot Bitcoin exchange-traded funds (ETFs) witnessed net outflows on April 24, primarily driven by withdrawals from the Grayscale Bitcoin Trust (GBTC). Data from sources such as Farside, a UK-based investment firm, underscored this trend. Notably, the largest ETF offering from asset manager BlackRock saw zero inflows, an unusual occurrence in the ETF landscape.

Bitcoin funding rates heatmap (screenshot). Source: CoinGlass

Despite these fluctuations, institutional adoption of Bitcoin continues to advance. Spot ETFs are poised to commence trading in Hong Kong on April 30, marking a significant milestone in Bitcoin’s journey toward mainstream acceptance. This development reflects ongoing efforts to expand access to Bitcoin investment opportunities on a global scale.

Bitcoin spot ETF flows (screenshot). Source: Farside

In summary, The movement of Bitcoin price today underscores the influence of geopolitical events on market dynamics, with traders closely monitoring liquidation levels and sentiment indicators for insights into future price action. Amidst regulatory developments and institutional adoption, Bitcoin’s resilience as a store of value and investment asset remains a focal point for market participants worldwide.

Photo by Karolina Grabowska

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