Wall Street opening sees Bitcoin algorithms traded as BTC price falters at $66K

Bitcoin (BTC) experienced a setback in its post-halving recovery as automated trading algorithms sold off BTC on April 22 at the Wall Street open. Despite reaching weekly highs of $66,546 on Bitstamp, BTC’s price momentum weakened as buyers were outnumbered. Skew, a popular trader, noted that spot flow consisted of one individual bidding against a multitude of selling algorithms, which could potentially lead to a dull trading session. The presence of bids between $64,000 and $65,500 and asks between $66,500 and $67,750 indicated the possibility of spoof orders. Analyst Matthew Hyland highlighted the significance of Bitcoin’s 10-week simple moving average (SMA) as a support line for the bull market, which currently stood at $65,686. Credible Crypto, a well-known trader and analyst, suggested that BTC could potentially retrace lower to liquidate long positions before a definitive upward reversal. This article does not provide investment advice and readers should conduct their own research before making any decisions.