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ssive short position on the GMX DEX, then created fear by sharing the news on Twitter and profited when the price fell.</p><h2 id="6c99">April 28- Up</h2><p id="b69d">After a 9% drop, the market began to rebound as soon as the news environment calmed down. Many whales bought in this fall because we have seen many times that price recovers quickly after traders’ long positions are liquidated. As a result, the whole crypto market saw a quick rebound.</p><h2 id="9eac">El Salvador</h2><p id="3084">El Salvador was about to issue a sovereign bond of 30000 this time, a major spike is possible. At this moment, all trades that have made short positions will have <b>StopLoss </b>levels of $31000 and$ 32000. When the price reaches certain levels, buyers will get active.</p><p id="94d0">The $32000 level was important during the last bull run. Everyone around the world is keeping an eye on this$ 32000 level, and if the price begins to go over it, the bull rally may be too quick to catch. Everyone’s eyes will flood up with tears when they witness this pace.</p><p id="d192" type="7">A level of up to $35000 can be seen if the bulls emerge.</p><p id="bbef">Your eyes should be like an eagle as soon as the price of Bitcoin goes above$ 30000.</p><p id="7d89">♦ I hope you have liked the article.</p><p id="eaa7" type="7">Clap — Share — Comment — Happily ☺</p><h2 id="fa33">Disclaimer</h2><p id="6d32">This is not Financial Advice. This article is meant only for educational purposes. I am just sharing my thoughts and analysis based on my many years of experience.</p><h2 id="2bd0">Thank You for Reading…</h2><div id="6bac" class="link-block"> <a href="https://medium.com/@jessicadoosan02/membership"> <div> <div> <h2>Join Medium with my referral link - Jessica Doosan</h2> <div><h3>Read every story from Jessica Doosan (and thousands of other writers on Medium). Your membership fee directly supports…</h3></div> <div><p>medium.com</p></div> </div> <div> <div style="background-image: url(https://miro.readmedium.com/v2/resize:fit:320/0*7mZn9gkSOW8HIpiE)"></div> </div

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Why has Bitcoin been able to Reach $35000? — Exit Liquidity & Sentiments

Never Miss This Rally | Reason | Patterns | Whales

Happy days are coming back for crypto investors, and it is expected to happen very soon as bitcoin continues to rise. The whole world’s eye has been set on the Bitcoin levels of $30000 and $32000. At both of these levels, people’s sentiments will be triggered. It all depends on the sentiment of the market.

Let’s take a look at the market sentiment right now to get a sense of what may happen with Bitcoin.

Before we can predict what will happen next with Bitcoin, we need to understand ‘what is happening right now’.

Right now, the price of bitcoin is around $29500, which is very close to the $30000 level. For the last four days, the price of Bitcoin has been highly volatile.

April 25- Up
April 26- Pump
April 27 — Sharp Dump and Volatile
April 28- Up

The Price of Bitcoin Increased on April 25th and 26th, But Why?

One more bank has been added to the US’s banking catastrophe. This bank’s situation has deteriorated to the point where its stock price has dropped from $200 to $6.19. The United States is trying to close this Commercial First Republic Bank.

People have lost faith in banks and are turning to cryptocurrency as a form of security. The price of Bitcoin increased due to money flowing out of banks into crypto. The risk of traditional finance is getting worse by the day. The more traditional finance suffers, the stronger Bitcoin becomes. This was a positive indicator for the cryptocurrency market.

The United States has raised the debt limit to $1.5 trillion. This debt restriction will improve market liquidity, which is a positive indicator.

Because of these two pieces of news, the prices of Bitcoin, Ethereum, and altcoins began to rise.

Sharp Dump on April 27th

A few hours after Bitcoin hit the 30000 level, a fall of 9% was seen. This nose dive was so quick that 2500 points were lost in just 69 minutes.

The whole crypto market fell sharply as a result of the tweet (post) of two accounts on Twitter, DB, and Arkham. Many traders’ long positions were liquidated as a result of the sharp drop, and accounts of those who did not use stoploss were wiped out.

DB and Arkham unexpectedly announced on Twitter that MT.GOX started withdrawing and selling. The second piece of news is that, as a result of the bank’s collapse, capital is shifting to crypto, and they are selling bitcoins held by the US government in the market.

Let’s — Analyze How Much Truth There is in These 2 pieces of news:

When MT.GOX creates selling pressure, it will do so with 137,890.98 BTC, which has a market value of $4 billion. Nothing has been sold from the MT.GOX wallet as of yet.

US Government Seized BTC Balance

The United States has around 204103 bitcoins in its wallet and is steadily selling them in accordance with the strategy. The government sold 9800 BTC on March 7, 2023, but nothing has been sold thereafter.

Manipulation

Many experts believe that most large-scale manipulations are carried out through centralized exchanges. Exchanges force us to use leverage and carry out such movements in order to empty the accounts of people using excessive leverage.

However, it was on-chain manipulation that caused the 9% drop on April 27 rather than the centralized exchange.

DB and Arkham opened a massive short position on the GMX DEX, then created fear by sharing the news on Twitter and profited when the price fell.

April 28- Up

After a 9% drop, the market began to rebound as soon as the news environment calmed down. Many whales bought in this fall because we have seen many times that price recovers quickly after traders’ long positions are liquidated. As a result, the whole crypto market saw a quick rebound.

El Salvador

El Salvador was about to issue a sovereign bond of $ 1 billion, from which it was going to make Bitcoin City. This city would be a haven for Bitcoiners and cryptocurrency traders. Over the past two years, social media has been overflowing with information, but now that El Salvador has dismissed the Bitcoin City project, things have gotten much worse. For the market, this was terrible news.

Dollar vs Yuan

This is the first time in history that the amount of international trade in the Yuan currency exceeded the USD. Together, five major countries are working on the BRICS currency, which is similar to de-dollarization.

There are many countries in the world that do import trade through the Chinese Yuan. There are dollar-based imports in many countries, if such countries move forward towards dedollarization, then they will be able to import in many other currencies. This is a fantastic opportunity to boost the stopped or stagnant economy.

Argentina has taken this step, adopting the Chinese Yuan for import trade.

Another 30–40 countries are preparing to join the new global currency BRICS. This trading currency will be backed with gold.

You had to be aware of all of this information. Now come to the important question of what will happen next in Bitcoin and where it can go, as well as how we can plan trades.

Bitcoin has Dropped Dramatically 2 Times.

1st- 31000 to 27000
2nd- 30000 to 27200

Both of these significant drops resulted in losses for long-term traders. At the moment, there is a lot of anxiety about initiating long positions since Bitcoin is so volatile, and there have been two significant drops. The Greed and Fear index is currently around 58, although long holdings are still quite small.

Volatility is Created whenever Whales are Active in the Market.

**Screenshot of Tradingview — 1hr Chart**

The present conditions are such that if the price of Bitcoin moves above $30000 this time, a major spike is possible. At this moment, all trades that have made short positions will have StopLoss levels of $31000 and $32000. When the price reaches certain levels, buyers will get active.

The $32000 level was important during the last bull run. Everyone around the world is keeping an eye on this $32000 level, and if the price begins to go over it, the bull rally may be too quick to catch. Everyone’s eyes will flood up with tears when they witness this pace.

A level of up to $35000 can be seen if the bulls emerge.

Your eyes should be like an eagle as soon as the price of Bitcoin goes above $30000.

♦ I hope you have liked the article.

Clap — Share — Comment — Happily ☺

Disclaimer

This is not Financial Advice. This article is meant only for educational purposes. I am just sharing my thoughts and analysis based on my many years of experience.