BroadChain News, April 22, 15:30 — BTC surged strongly today, breaking through the $77,000 mark and filling last week's CME gap at $77,300. Market sentiment is high, with investors expecting prices to climb further to fill the CME gap between $80,000 and $84,000 left from January 30 to February 3. However, multiple analysts warn that under a bearish or volatile backdrop, this scenario is unlikely to materialize, and prices may face bearish pressure near resistance levels, leading to a rapid decline.
The bear camp argues that escalating macro-geopolitical risks, declining on-chain momentum, and discounts on Strategy's financing tools could drag BTC below the $70,000 support level. Analyst Killa has adjusted his swing short stop-loss to 83K, with the bearish view invalidated if the weekly close is above this level. Cointelegraph analysts note that Strategy's preferred stock STRC has fallen below its $100 face value, potentially forcing a pause in its BTC purchase plan. Technically, BTC's daily chart shows a flag-like pullback, and if support is lost, prices risk falling to $67,000-$69,000.
The bull camp, on the other hand, believes that ample institutional liquidity, short-squeeze conditions brewing from negative funding rates, and strong seasonal patterns signal that a genuine rebound has just begun. Analyst Michaël van de Poppe states that while the market is in a consolidation phase, the upward trend is clear, and BTC is expected to challenge the $85,000 region within the next two to three weeks. Grayscale Research points out that BTC has formed a durable bottom in the $63,000-$70,000 range, and the current price of $76,000 is slightly above the average cost of recent buyers at $74,000, with reduced selling pressure indicating the early stages of a bull market.
On the macro front, tensions in the Middle East are unsettling markets, with the ceasefire deadline expiring on the morning of April 23. Trump extended the ceasefire while maintaining a naval blockade, and Iran emphasized control of the Strait of Hormuz as a key bargaining chip. The three major US stock indices all closed lower, ending a 13-day winning streak. International crude oil surged, with Brent crude breaking through the $100 psychological barrier. Gold fell sharply by over 3.1%, losing the $4,700 mark. Fed Chair nominee Warsh signaled a hawkish stance, dampening rate cut expectations.
Key data: Bitcoin ETFs saw net inflows of $11.8442 million for six consecutive days, while Ethereum ETFs recorded net inflows of $43.3589 million for nine straight days. The Fear and Greed Index stands at 32 (Fear). Total liquidations in the past 24 hours amount to $375 million, with 92,545 people globally liquidated. Among the top 100 cryptocurrencies by market cap, the biggest gainers today are MemeCore up 26.3% and Sei up 9.9%.