Source: Cointelegraph Original: "{title}"
Bitcoin fell to a three-day low before the weekly close on April 20, with analysts warning that a new round of liquidity absorption may be on the horizon.
Analysts believe Bitcoin will break through $83,000
According to data from Cointelegraph Markets Pro and TradingView, BTC/USD dropped 1.5% on the day to $83,974 before rebounding.
Despite overall low volatility over the weekend, Bitcoin is still trying to curb its downward trend this week, as doubts arise about the strength of the current support level.
When analyzing the current liquidity layout in the exchange order book, sentiment analyst Mark Cullen expressed particular skepticism about the $83,000 support.
He summarized on the X platform: "The liquidity at $90,000 for Bitcoin is still calling. But I think the $83,000 level is not safe; the lows from last Sunday and Wednesday are likely to be swept first."
Then we will wait for the market's reaction and for the bullish structure to re-establish at the lower end of the range.
Nevertheless, Cullen and other analysts still believe that during the Easter holiday weekend, Bitcoin's short-term price range will remain between $83,000 and $86,000.
📈#Bitcoin Range Bound‼️The long Easter weekend is likely to see $BTC play out a range between $83k and $86k. With it already 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
Popular trader Daan Crypto Trades then stated: "As expected, the market is quite flat this long weekend. I think next week will get a bit more interesting, as the chart patterns are currently very compressed. Any decent positive or negative news, or even just due to position squeezes, could trigger quite a significant volatility."
"In general, once these movements occur, you definitely don't want them to fade away. In the short term, the $83,000 to $86,000 range is worth watching."
An accompanying chart shows that Bitcoin's price movement relative to the latest closing price of CME Group's Bitcoin futures may form a "gap," creating some short-term attraction for the price.
Meanwhile, trader Roman is focusing on a potential pullback to several-month lows, which could be part of a bullish reversal pattern—the inverse head and shoulders.
He stated on the X platform: "If the volume continues to decrease while probing down to $76,000, I would choose to go long."
Increased confidence in Bitcoin price breakout
Popular trader and analyst Rekt Capital brought positive news in an update to the daily chart.
He confirmed that Bitcoin has clearly broken through a multi-month downtrend line and successfully turned it into a support level upon retesting, marking the first time since the trend formed.
He wrote: "Bitcoin not only broke the downtrend line but also successfully confirmed support on the first retest. Moreover, it has been steadily holding above the trend line for several days now."
This indicates that the market structure is undergoing a positive change, laying the groundwork for subsequent upward movement.
As previously reported by Cointelegraph, the fate of this downward trend has been under market scrutiny for several weeks, but not everyone agrees that Bitcoin's price has completely escaped this downward channel.
Related: Lyn Alden lowers Bitcoin (BTC) expectations after "tariff chaos," focusing on liquidity issues
This article does not constitute investment advice or recommendations. Every investment and trading decision involves risks, and readers should conduct their own research before making decisions.
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