Then, as now, Bitcoin was in the second year of its four-year halving cycle, having seen its first blow-off top at just over $1,000 in November 2013.
After April’s performance, however, the odds of a comeback feel slim.
The order book of May 8 shows a major bid wall in place at $33,000.
“Historically $69.5M in BTC bid liquidity would serve as support, but historically it also had a significant amount of liquidity below it.
Then, as with some previous piercings of the 100 WMA, BTC/USD then went on to test the 200 WMA as support.