Bitcoin and Ethereum Steady in Asia as Traders “Unable to Switch Decisively Bullish or Bearish”

Cryptocurrency market leaders Bitcoin (BTC) and Ether (ETH) continue to trade in tight trading ranges as traders reassess macroeconomic conditions post-halving.

“After the halving, market volatility was somewhat muted,” Thomas Kim, a trader at Presto, told CoinDesk. “Realized volatility over the past three days has been well below BTC options implied volatility, and investors may still need to assess macroeconomic variables.”

Liquidation data from CoinGlass shows that $52.46 million worth of positions were liquidated in the last 12 hours. The Ether and BTC positions are each the largest, but there are also $6.86 million in HBAR liquidations – due to the token's recent surge in volume that surpassed the $1 billion mark – as well as $1, $83 million in PEPE liquidations.

Justin d'Anethan of Keyrock, an Asia-based crypto market maker, said in a Telegram interview with CoinDesk that traders were indecisive and couldn't decide which position to take.

“It’s an interesting – if not very dynamic – market to watch, both on the crypto and traditional side; “Traders seem unable to switch clearly bullish or bearish, as evidenced by the unchanged prices,” he told CoinDesk.

“There is a flood of negative news weighing on the markets,” d'Anethan continued, pointing to the SEC's clear desire to delay the ETF application, President Joe Biden's comments on crypto mining and the ongoing Outflows from crypto investment products.

“On the other hand, and on a perhaps more optimistic note, the decline we experienced last week, intentionally caused by some leveraged long liquidations, has likely cleared some froth and left us sitting at a respectable level with some capital tied up “Let it go.” he said.

Data from Coinglass says over $1.4 billion worth of long positions were liquidated over the weekend of April 12-13, when Iran launched its missile attack on Israel.

“With the halving, crypto investors are unwilling to part with their coins and are likely preparing for higher prices in the long term.”

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