Following a period of consolidation throughout the week, Bitcoin experienced a significant decline on both April 12 and April 13. This downturn led to approximately $2.5 billion in crypto liquidations, predominantly affecting long positions rather than short ones. The impact of this drop has been particularly harsh on short-term leveraged long positions, which anticipated a sustained rally, especially surrounding the Bitcoin halving event. Despite the anxiety among short-term traders triggered by Bitcoin’s downturn, there’s a silver lining in the fact that the price has yet to breach the critical support level of $60,000. This suggests that the decline may represent a routine pullback within the larger bullish trend.
At the time of writing BTC was trading at $65,233.
BITCOIN after making the new all-time high of $73,777 witnessed some profit booking and the prices corrected almost by 17% and dropped to $60,775. The bulls defended the key support level of $60k and the prices rallied back up to the $70k mark. However, the asset struggled to sustain above the $70k mark and witnessed another minor correction. The prices made a weekly low of $60,660. BTC is trying to take good support at the key level of $60,000. If it holds and sustains above the support then we may expect the bulls to resume the up move. However, to witness another rally, BTC has to break, close and sustain above the all-time high of $73,777.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2. |
| $56,000 | $60,000 | BTC | $69,500 | $73,777 |
