Long story short
On April 25, Bitcoin dropped from $64,000 to $44,231 on geopolitical news, liquidating longs.
A bid wall emerged at $64,765, but analysts advocated for caution despite the underlying support.
US Bitcoin funds are seeing outflows, while Hong Kong is preparing to launch a spot ETF.
Bitcoin price is around $64,000 and liquidations are increasing. Despite Bitcoin price staying at the $64,000 level, it traded lower on April 25 as a knee-jerk reaction to fresh geopolitical news. As a result, some longs lost up to 5% of their positions.
Prices plunge amid tensions
In line with this, the cryptocurrency’s price fell by $63,575 at the close of the previous day, before depreciating to $44,231 following renewed tensions in the Middle East. According to data reported by monitoring resource CoinGlass, liquidity for Bitcoin spot prices on cryptocurrency exchanges increased on both sides on this day, so it is reasonable to assume that both investors and banks have contributed to Bitcoin’s current price.
Notably, a large number of bids started to rise around $75 million with the ask price at around $64,765 until the most significant bid reached $67,700. However, $63,500 — a local low based on past data — proved limited support for current buying interest. They said Bitcoin’s recent drop filled the second gap in CME futures. However, Daan Crypto Trades claimed that the “healthy” state of the current empirical funding rate is the main “depth”. The team said that they do not want to long ape into the next big green candle simply by saying “…we would rather see the market make a nice green candle on a long ape than the other way around.”
Types of cottage value that are worth buying when the market plummets:
1. AKT
AKT is trading at $4.82, down 5.05% in the past 24 hours.
AKT’s CMF (Chaikin Money Flow) is -0.04. This suggests that AKT’s money flow has declined significantly over the past few days.
Furthermore, AKT’s RSI has also fallen, which means that buying momentum for AKT has weakened. Although AKT’s technical indicators do not paint a positive picture for the coin, there are other factors that could help AKT’s price.
One of them is the bullish flag pattern that has formed over the past few days. If there is a renewed interest in AKT in the coming days, the price of AKT could break above the $6.040 level and could retest the $6.880 level in the future.
Another factor in AKT’s rise is its social media presence.
AKT's social volume has surged significantly in the past 24 hours. This indicates that the number of comments surrounding AKT on social media has grown significantly.
Apart from this, the weighted sentiment around AKT has also grown, which means that the number of positive comments surrounding AKT has outnumbered the negative ones over the past few days.
Long-term bullish market sentiment remains
“The market’s forecast for the short-term form is spot price consolidation, rather than the upper limit of price increases that the market expects. On the other hand, US spot Bitcoin ETFs resumed net declines on April 24, in line with the US-listed Grayscale Bitcoin Trust (GBTC) fund. These outflows were mainly driven by the Grays.
The spot Bitcoin ETF will be traded in Hong Kong starting April 30. This will be the second institutional adoption of Bitcoin this year.
2. THETA
The price of Theta Fuel (THETA) has been trending downward throughout April and the second half of March. The altcoin fell from $3.4 to $1.9, a correction of 42%. As a result, the altcoin fell into the well-known bearish downside contagion pattern.
However, the Moving Average Convergence Divergence (MACD) indicator has a different meaning. MACD is a trend-following momentum indicator that shows the relationship between two moving averages of a security's price. It helps identify potential buy and sell signals based on crossovers and divergences between these moving averages.
The indicator has only shown a bearish trend over the past month, which was reversed this week with a bullish crossover in the MACD. This could spark an uptrend on the daily chart, helping THETA break out of a downside extension pattern, turning $3 into support.
However, if the upper trendline fails to break out, the altcoin could fall back to the lower trendline. As the pattern suggests, this would lead to a potential downside move, effectively invalidating the bullish outlook.
3. OK
Ondo Finance is the project behind the ONDO token. They are known for facilitating the tokenization of real-world assets, which involves converting traditional assets such as real estate or securities into digital tokens on the blockchain. Recently, Ondo Finance made news by partnering with BlackRock to create a tokenized fund, aiming to simplify settlement in the process.
ONDO is currently trading at around $0.80, with some variation depending on the exchange. There has been some volatility recently, with some sources reporting a price increase over the past 24 hours, while others have seen a slight decrease. Daily trading volumes in the hundreds of millions indicate that ONDO is actively traded.
As ONDO is experiencing a sideways trend, its 4-hour chart shows resilience amidst the broader market downturn. However, with the Bitcoin halving approaching and the market sentiment shifting away from fear, the probability of a recovery is rising. The dominance of the 200 exponential moving average (EMA) on the 4-hour timeframe suggests an extended consolidation phase for ONDO. Moreover, the bullish divergence observed in the daily relative strength index (RSI) further strengthens the possibility of a bullish reversal.
If the price of ONDO rebounds, it could target the psychological milestone of $1, which could spark a new breakout rally. In this case, the bullish momentum could target the 1.618 Fibonacci trend retracement level at $1.32, indicating a significant uptrend for the altcoin.
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