Bitcoin experienced a sharp drop in value on April 19, plunging to seven-week lows amidst escalating geopolitical tensions in the Middle East.
This decline saw prices fall to $59,630, as reported by Cointelegraph Markets Pro and TradingView.
The decrease coincided with renewed conflicts between Iran and Israel, a situation that has notably affected Bitcoin prices throughout the month, resulting in a significant drop from highs around $70,000.
On April 18, Bitcoin had shown signs of recovery; however, this was short-lived as the market quickly responded to the unfolding events.
Despite initial concerns, the cryptocurrency managed a robust comeback, climbing to local peaks of $65,190, amid speculation that the tensions might not worsen.
Market analysts closely followed the price movements. On X (formerly Twitter), the trader known as Skew remarked on the extreme market volatility impacting both long and short positions.
He observed increased activity from buyers, noting, “Shorts blown out here & now seeing more interest from longs aka longs opening.”
He also highlighted that the recovery was predominantly driven by spot demand, with substantial bids placed during the dip below $60,000.
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Further insights from CoinGlass showed that short sellers were caught off guard as sell-side liquidity vanished in the $64,000 to $65,000 range almost instantaneously.
Another commentator, Credible Crypto, emphasized the strategic placement of $100 million in Bitcoin bids just below the current price to support upward movement, cautioning, “Good luck getting back in if you sold the bottom because of some news headline.”
Over the past day, the cryptocurrency market saw $138 million in short liquidations across various platforms.
This volatile environment overshadowed the approaching Bitcoin block subsidy halving, an event that traditionally garners significant attention.
According to trading firm QCP Capital, the market had established a strong baseline support at the recent lows, with anticipation slowly building for a potential rally as the halving neared.
With less than 15 hours to the halving, traders like Jelle and Crypto Ed provided their perspectives.
Jelle referred to efforts to bolster the weekly close with “Operation ‘save the weekly’,” while Crypto Ed suggested that the bottom might have been reached, projecting an upward trend if no further disruptive news emerged from the Middle East.
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