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- Bitcoin Faces Potential 15% Drop After $89K Rejection
Bitcoin Faces Potential 15% Drop After $89K Rejection
Michael Saylor’s firm adds $555M in Bitcoin, sparking criticism from Peter Schiff, who questions what might happen if such a large stake were ever sold, raising concerns about market impact and liquidity.
Joe G & Money Talks
April 22, 2025 • Estimated Reading Time: 6 minutes
What we will talk about today...
Bitcoin Faces Potential 15% Drop After $89K Rejection
BTC rallies with gold while stocks sink and dollar weakens.
Michael Saylor: Bitcoin's Success
Bitcoin struggles to break $89K, hitting resistance at the 200-day moving average, with analysts warning of a 10–15% correction due to overbought RSI indicators and macroeconomic headwinds.
$BTC 1D
As we approach horizontal resistance, I wanted to show that the last 4 times stoch RSI has been overbought, we’ve seen a 10-15% correction.
Would make perfect sense as a resistance rejection is also in play as $SPX moves lower.
— Roman (@Roman_Trading)
3:51 PM • Apr 21, 2025
The global markets are in complete chaos
Yet, $BTC is trading above $87K and showing immense strength.
Is this the sign of reversal or just a bull trap?
A thread: 🧵👇
— Cas Abbé (@cas_abbe)
12:11 PM • Apr 21, 2025
Main Points:
Price rejection at $89K: BTC hit a ceiling near the 200-day SMA.
Overbought RSI signal: Stochastic RSI flags possible correction.
Support near $85K: Bulls must hold this level to avoid deeper losses.
Macro backdrop mixed: Some analysts still expect a rebound.
Detailed Insights:
Price rejection at $89K: BTC reversed sharply after failing to clear $89K.
200-day SMA proves resistant: Price dipped after touching this major trendline.
Stochastic RSI signals correction: Overbought levels align with past dips.
$85K is key support: A breakdown here could confirm bearish momentum.
Some expect bullish reversal: Whale buys and macro trends offer hope.
Gold correlation weakens: BTC fails to mirror gold’s recent highs.
$BTC Interesting spot.
Broke above the Daily 200EMA (Blue) and diagonal resistance. So far, saw a sharp rejection from the Daily 200MA (Purple).
Fun won't start until we get some daily closes back above the previous range low at ~$90K.
Important to hold ~$85K below I'd say.
— Daan Crypto Trades (@DaanCrypto)
8:01 PM • Apr 21, 2025
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BTC rallies with gold while stocks sink and dollar weakens.
Bitcoin continues its divergence from traditional equities, mirroring gold’s rise amid trade war fears and a weakening U.S. dollar, signaling renewed investor confidence and institutional interest.
Main Points:
BTC hits $88.5K: Bitcoin matches April highs, gaining post-weekly close.
Stocks tumble: S&P 500, Nasdaq fall as tech sector suffers sharp losses.
Gold correlation grows: BTC mimics gold’s breakout while dollar weakens.
Institutional interest rises: Positive ETF inflows mark renewed confidence.
Detailed Insights:
BTC hits $88.5K: Bitcoin surges, fueled by trade-war-driven market shifts.
Equities see sharp decline: Major indices fall over 2% amid tech selloff.
Gold at all-time highs: Bitcoin follows gold as a macroeconomic hedge.
Dollar hits 52-week low: DXY falls below 99, boosting BTC’s narrative.
ETF flows turn positive: $13.4M inflows signal fresh institutional interest.
Options market steadies: Volatility levels flatten across short-term tenors.
Below is a timeline of recent events.
We are now on the 12th day of the 90-day tariff "pause" and no trade deals have been announced.
As seen below, the market has already priced-in at least partial trade deals.
However, it's been nearly 2 weeks without a single deal.
— The Kobeissi Letter (@KobeissiLetter)
2:43 PM • Apr 21, 2025
₿itcoin reached $88,394. +0.91%
♢Ethereum reached $1,628. -1.34%
Michael Saylor’s firm adds $555M in Bitcoin, sparking criticism from Peter Schiff, who questions what might happen if such a large stake were ever sold, raising concerns about market impact and liquidity.
@Strategy Imagine what would happen to the price if you tried to sell. My guess is that your buying is what moved the market last night.
— Peter Schiff (@PeterSchiff)
2:33 PM • Apr 21, 2025
Main Points:
$555M BTC buy: Strategy acquires 6,556 BTC at ~$84.8K per coin.
Total holdings grow: Firm now holds over 538K BTC.
Schiff sounds alarm: Warns of risks tied to potential large-scale selling.
Market impact questioned: Analysts see liquidity and debt concerns.
Detailed Insights:
$555M BTC buy: Strategy increased its Bitcoin holdings during market rally.
538,200 BTC owned: The firm now holds over 2.2% of total BTC supply.
Schiff critiques exit risk: Large-scale selling could crash BTC’s price.
Collateral at risk: Falling BTC or stock prices could trigger forced sales.
Market eyes liquidity: Strategy’s moves influence broader BTC ecosystem.
Conviction vs. liquidity: Holding firm may not shield against all shocks.
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This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results