Wall Street opening prompts Bitcoin algorithms to sell, while BTC price grapples with $66K

Bitcoin (BTC) saw its post-halving recovery come to a halt on April 22 as a multitude of automated trading algorithms sold off BTC. The price momentum of BTC weakened after reaching weekly highs of $66,546 on Bitstamp. Despite a promising comeback from the previous week’s lows, Bitcoin faced strong resistance on that day, with buyers being outnumbered. Popular trader Skew pointed out that spot flow was dominated by algorithms selling, while there was only one individual bidding. This led to a lackluster trading session. Skew also mentioned that liquidity was moving closer to the spot price, which is usually an attempt to attract the market. Data from CoinGlass showed a cluster of buying orders between $64,000 and $65,500, while selling orders were stacked between $66,500 and $67,750. Analyst Matthew Hyland revealed that Bitcoin’s 10-week simple moving average (SMA), which acts as a crucial support line for the bull market, was holding up at the latest weekly close. This moving average has successfully supported the market since October 2023 and stood at $65,686 at the time of writing. Credible Crypto, a popular trader and analyst, suggested that BTC/USD could potentially drop lower to liquidate long positions before reversing upward. He noted that the Open Interest (OI) was already increasing, indicating a possible long liquidity hunt. However, this article does not provide investment advice, and readers should conduct their own research before making any decisions.