Bitcoin follows fresh US stocks dive as analysis 'expects' BTC price to take $37.5K liquidity

cointelegraph.com:

Bitcoin (BTC) faced selling pressure at the Wall Street open on April 22 as markets began a rerun of Thursday's losses.

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD following a grimly familiar course on Friday, hitting lows of $39,197 on Bitstamp.

The previous day had cost bulls $40,000 support, a level which had yet to cement itself as a meaningful line in the sand at the time of writing.

For analytics resource Material Indicators, it was now a case of watching bids getting filled lower down exchange order books.

Between spot and $37,500, there was approximately $100 million in bids waiting on Binance, according to an accompanying chart.

"Expecting it to get filled, but watching to see if BTCUSDT liquidity moves to the active buy zone or the buy zone moves to the orders resting on the binance order book," Material Indicators commented.

U.S. equities showed no signs of slowing their new rout, with the S&P 500 down 1.75% in the first ninety minutes' trading and the Nasdaq 100 shedding 1.43%.

In Europe, the picture was made worse by the bond market sell-off reaching what markets commentator Holger Zschaepitz called "historic proportions."

The European corporate bond market’s ongoing selloff has reached historic proportions, w/high-grade bonds losing a record 8.6% in total return terms since their Aug peak. This is now worse downturn than lows reached during early coronavirus turmoil & the GFC, BBG has calculated. pic.twitter.com/X7Tai3IiU1

Traders were broadly also in "wait and see" mode when it came to Bitcoin. Cointelegraph contributor Michaël van de Poppe told Twitter followers that BTC/USD was now in a "crucial" area.

Related: Nasdaq has dotcom crash 'deja vu' says trader as Bitcoin correlation rises

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