Welcome to Extreme Investor Network, your go-to source for all things related to the Stock Market, trading, and Wall Street. Today, we are diving into the world of cryptocurrency with a focus on Bitcoin (BTC) and its recent market dynamics.
In the past month, BTC investors have effectively reduced the market supply by over $1.8 billion, bringing the price of a coin to $68,000, based on the 20-day Simple Moving Average (SMA). This significant drop in market supply during a period of uncertainty indicates that most investors are holding on to their positions optimistically rather than rushing to sell.
Interestingly, the market supply of BTC has remained relatively stable in recent weeks, suggesting that the selling pressure may have come from swing traders and forced liquidations, rather than long-term holders exiting the market.
Looking ahead, the price forecast for BTC hinges on the upcoming SEC-approved Bitcoin ETFs and geopolitical tensions. If these ETFs show positive net flows on Monday, April 15, and global tensions ease, we could see BTC making a last-minute rally towards $70,000 before the April 19 Halving event.
However, it’s important to note that the Coinglass Liquidation map indicates a potential roadblock for Bitcoin’s recovery at the $66,000 level. This map shows the value of active leveraged positions at key price levels, suggesting a challenging path ahead for BTC’s price movement.
Stay tuned to Extreme Investor Network for more updates on Bitcoin, the Stock Market, and all things investing. Don’t miss out on our unique insights and expert analysis to help you navigate the world of trading with confidence. Happy investing!
