Bitcoin (BTC) faced selling pressure at the Wall Street open on April 22 as markets began a rerun of Thursday’s losses.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
No let-up for stocks or crypto as losses mount
The previous day had cost bulls $40,000 support, a level which had yet to cement itself as a meaningful line in the sand at the time of writing.
For analytics resource Material Indicators, it was now a case of watching bids getting filled lower down exchange order books.
Between spot and $37,500, there was approximately $100 million in bids waiting on Binance, according to an accompanying chart.
“Expecting it to get filled, but watching to see if BTCUSDT liquidity moves to the active buy zone or the buy zone moves to the orders resting on the binance order book,” Material Indicators commented.
BTC/USD order book data chart. Source: Material Indicators/ Twitter
U.S. equities showed no signs of slowing their new rout, with the S&P 500 down 1.75% in the first ninety minutes’ trading and the Nasdaq 100 shedding 1.43%.
In Europe, the picture was made worse by the bond market sell-off reaching what markets commentator Holger Zschaepitz called “historic proportions.”
The European corporate bond market’s ongoing selloff has reached historic proportions, w/high-grade bonds losing a record 8.6% in total return terms since their Aug peak. This is now worse downturn than lows reached during early coronavirus turmoil & the GFC, BBG has calculated. pic.twitter.com/X7Tai3IiU1
– Holger Zschaepitz (@Schuldensuehner) April 22, 2022
Traders “underestimating failed breakout”
Traders were broadly also in “wait and see” mode when it came to Bitcoin. Cointelegraph contributor Michaël van de Poppe told Twitter followers that BTC/USD was now in a “crucial” area.
“The level has hit. Let’s see how the market will respond from this area on Bitcoin,” he wrote in his latest update.
Meanwhile, popular trader Cheds took a more ominous line while examining multi-week price performance.
Due to failing to crack the 2022 trading range for good earlier this month, the outlook for Bitcoin may now be more ominous than many cared to believe, he warned on Friday.
– Cheds (@BigCheds) April 22, 2022
Bitcoin has no shortage of bearish mid-term price predictions, among them that of former BitMEX CEO, Arthur Hayes, who expects $30,000 to return by June.
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