Bitcoin exhibited considerable volatility on April 19, witnessing sudden price fluctuations due to geopolitical disturbances in the Middle East. Figures from Cointelegraph Markets showed new seven-week price lows for Bitcoin at $59,630 after the daily close on April 18, attributing it predominantly to the increased tensions between Israel and Iran. Yet, Bitcoin experienced a surprising recovery amidst speculations of no further escalation in the situation, spiking to local highs of $65,190.
Prominent trader Skew, observed this volatile pattern on the trading platform X, pointing out that both bullish and bearish traders had been challenged by this instability. He noted a greater influx of long position holders contributing to the rebound, with investor interest reviving after a substantial drop below $60,000.
Monitoring tool CoinGlass provided detailed data showing the adverse impact on short traders. Sell-side liquidity between $64,000 and $65,000 got consumed instantly, leaving only a significant wall of bids at $61,200.
The frenzy around Bitcoin’s minute-to-minute price changes surprisingly overshadowed the lead up to Bitcoin’s block subsidy halving event. Trading firm QCP Capital revealed growing anticipation for a potential rally due to the event, signaling that a baseline support level has been formed around the latest Bitcoin lows. CryptoTA creator, Crypto Ed held a positive outlook, stating that downside targets had been met and the way was clear for a solid recovery.