Bitcoin price tags new April lows as traders weigh odds of $25K next
Bitcoin (BTC) was headed for an all-time low at the April 24 Wall Street open with investors divided on when to take profits.
BTC price targets extend to $25.0
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD falling below $27,300 on Bitstamp.
The pair had seen an initial positive reaction at the start of trading on Wall Street, this short-lived as a trip to $27,045 marked new monthly lows.
Traders, already eager to see further downside from taking pending bid liquidity, were unfazed.
“Waiting patiently for the sweep,” popular trader Johnny in summary.
Like many others, Johnny targeted $26,500 as a potential reversal zone, marking the area low since mid-March and a key support zone.
Others were more reserved, with Phoenix demanding $25,000 if current support were to collapse.
Financial information resource Stockmoney Lizards likewise described $25,000 as “interesting” support if $27,000 fails.
Traders nevertheless emphasized that Bitcoin remained bullish, eyeing a potential copycat move of price action from February, where BTC/USD broke higher after a period of consolidation.
BTC sellers ‘less decisive’ at $30,000
New research, meanwhile, showed hodlers in two minds about whether to sell on strength, even during Bitcoin’s run to $31,000.
Related: ‘Smart money’ eyes BTC bull run: 5 things to know in Bitcoin this week
In the latest edition of its weekly newsletter, “The Week On-Chain”, research firm Glassnode broke down performance statistics from both long-term (LTHs) and short-term holders (STHs).
Unlike the news-induced sell-offs in 2021 and 2022, it argued, the average investor is currently less inclined to reduce exposure, even in light of last week’s BTC price loss.
“Over the last few weeks we can see a mix of behaviour, suggesting indecision across all cohorts except the largest units with 10k+ BTC,” it explained.
“This is consistent with overall consolidation, the brief break above $30,000 and the subsequent sell-off back to $27,000 this week.”
With the area of $28,000 and above representing a major breakeven point across the hodler spectrum, the temptation to take profits should still be strongly felt.
“The overall value of realized profits remains relatively small compared to the size of the asset, but they are of a USD size similar to the 2019 rally to $14k,” Glassnode concluded.
“With accumulation and distribution behavior across multiple wallet cohorts mixed at the moment, the market appears less decisive than it has been in the first quarter of the year.”
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
