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<div><strong>Crypto Snippet</strong> is a brief overview of the crypto market; focused on Derivatives. This is not financial advice.</div>
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<p><strong>Crypto Pair: <a href="http://prod-wp.delta.exchange/app/futures/trade/BTC/BTCUSDT">BTC-USDT</a></strong></p>
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<p><strong>Date:</strong> 19th April 2021</p>
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<div data-start-index="7521" data-end-index="7526"><span data-start-index="7526" data-end-index="7580"><a href="http://prod-wp.delta.exchange/app/futures/trade/BTC/BTCUSDT" target="_blank" rel="noopener" data-start-index="7610" data-end-index="7742"><strong data-start-index="7742" data-end-index="7750">Bitcoin</strong></a> couldn’t hold its upward momentum post the Coinbase listing. Several factors including insider selling by Coinbase senior employees, exacerbated liquidations of leveraged long positions and lower hash rate due to power outage in China led to ~15% correction on Sunday. There were however, signs of excessive exuberance in the market and a correction looked imminent. We saw sharp moves in smaller altcoins such as DOGE, ETC, BSV, which were posting 50-100% daily gains on Friday, Saturday while the bellwether, Bitcoin, was struggling to hold its ground.</span></div>
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<div data-start-index="8375" data-end-index="8380"><span data-start-index="8380" data-end-index="8434">Subsequently, we saw BTC slipping below its 50 DMA at ~$56,000. 50 DMA has been a crucial support for Bitcoin since October last year and it has held this support every time in this rally. This time around however, we see Bitcoin’s momentum fizzling out and BTC struggling to hold this support. A conclusive breakdown below the 50 DMA can lead to a sharp price correction to 40K levels. BTC will find next support at its 200 DMA, which is around $36K. Only a move above $60K, which is a key resistance for any bull-trap rally, will help restore confidence that the bull trend is intact.</span></div>
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<div data-start-index="8375" data-end-index="8380">Trade <a href="http://prod-wp.delta.exchange/app/futures/trade/BTC/BTCUSDT"><strong>BTC-USDT</strong></a> on Delta.</div>
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<div data-start-index="8375" data-end-index="8380"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-27907" src="http://prod-wp.delta.exchange/wp-content/uploads/2021/04/btc-april-19.png" alt="btc-april-19" width="2688" height="1344" srcset="https://prod-wp.delta.exchange/wp-content/uploads/2021/04/btc-april-19.png 2688w, https://prod-wp.delta.exchange/wp-content/uploads/2021/04/btc-april-19-300x150.png 300w, https://prod-wp.delta.exchange/wp-content/uploads/2021/04/btc-april-19-1024x512.png 1024w, https://prod-wp.delta.exchange/wp-content/uploads/2021/04/btc-april-19-768x384.png 768w, https://prod-wp.delta.exchange/wp-content/uploads/2021/04/btc-april-19-1536x768.png 1536w, https://prod-wp.delta.exchange/wp-content/uploads/2021/04/btc-april-19-2048x1024.png 2048w, https://prod-wp.delta.exchange/wp-content/uploads/2021/04/btc-april-19-24x12.png 24w, https://prod-wp.delta.exchange/wp-content/uploads/2021/04/btc-april-19-36x18.png 36w, https://prod-wp.delta.exchange/wp-content/uploads/2021/04/btc-april-19-48x24.png 48w" sizes="(max-width: 2688px) 100vw, 2688px" /></div>
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<p>To read more such Crypto Snippets of this month, please <a href="http://prod-wp.delta.exchange/blog/crypto-snippet-april-2021"><strong>visit this post</strong></a>.</p>



Crypto Snippet is a brief overview of the crypto market; focused on Derivatives. This is not financial advice.





 

 

Crypto Pair: BTC-USDT

 

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Crypto Snippet - Bitcoin - 19 April 2021

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