Bitcoin (BTC) tapped 3-day lows into the April 20 weekly close as analysis warned of a fresh liquidity grab next.
Analysis sees Bitcoin crossing $83,000
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dropping 1.5% to $83,974 on the day before rebounding.
Still broadly less volatile over the weekend, Bitcoin sought to stem the week’s downside as doubts appeared over the strength of nearby support.
Investigating the current liquidity setup across exchange order books, popular analyst Mark Cullen was particularly skeptical of $83,000.
“Bitcoin 90k liquidity still calling. BUT, i think the 83k level isn’t safe, those lows from last Sunday and Wednesday are likely to get run first,” he summarized on X.
“THEN we wait for the reaction and bullish structure to build back inside the range low.”
Cullen and others nonetheless saw a short-term BTC price range between $83,000 and $86,000 staying in place over the Easter holiday weekend.
📈#Bitcoin Range Bound‼️
The long easter weekend is likely yo see $BTC play out a range between83k and 86k. With it al ready sweeping the highs of the range late last week, IMO we are going to see liquidity sought from the lows before continuation higher.#Crypto #BTC https://t.co/iNllx4LexJ pic.twitter.com/6zx5gXZx79
— AlphaBTC (@mark_cullen) April 20, 2025
“Pretty slow market during this long weekend as expected. I think next week will get interesting as the charts are quite compressed. Any decent good/bad headline could spark a pretty large move I think. Even if its just from positions getting squeezed,” popular trader Daan Crypto Trades continued.
“Generally those moves are not one you want to be fading when it occurs. $83K-$86K is the range to watch in the short term.”
An accompanying chart showed BTC price action relative to the latest closing point of CME Group’s Bitcoin futures, potentially inviting the creation of a “gap” that could provide a short-term price magnet.
Fellow trader Roman meanwhile eyed what could become a return to multimonth lows as part of a bullish inverse head and shoulders reversal pattern.
“If volume is decreasing on the way to 76k, I’ll take longs,” he told X followers.
Confidence increases over BTC price breakout
Updating readers on the daily chart, popular trader and analyst Rekt Capital had good news.
Related: Bitcoin can reach $138K in 3 months as macro odds see BTC price upside
Bitcoin, he confirmed, had definitively broken out of a multimonth downtrend without violating it during retests as support.
“Bitcoin hasn’t just broken the Downtrend and successfully retested it as support for the first time since Downtrend formation,” he wrote.
“But Bitcoin has also been able to sustainably maintain above the Downtrend for a period of several consecutive days now.”
As Cointelegraph reported, the fate of the downtrend had been on the radar for weeks, with not everyone agreeing that price had left it behind for good.
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