20 April, BTC continues its correction trend, breaking below the 74,000 USD key level, with a 24-hour decline of about 2.5%, current quote around 73,971 USD. Previously, the price surged to a high of 78,300 USD last week before quickly falling back, with dense selling pressure above the 78,000 USD region.

On the daily chart, the price remains above all medium- and long-term EMA lines, with the EMA lines still arranged in an upward pattern, indicating that the medium-term bullish trend has not fundamentally changed. The Bollinger Bands are opening upward, with the midline at 71,600 USD forming a strong support, and the current price is oscillating between the upper band and the midline, which is a normal correction during an upward process. However, on the 4-hour chart, the MACD has formed a death cross, with the green bars continuously expanding, indicating that short-term bearish momentum dominates. RSI(14) on the daily chart is about 52 (neutral), with insufficient momentum. Key support zones are concentrated around 73,500-74,000 USD; if this area is broken, the correction could further expand. Strong resistance above is in the 77,800-78,320 USD region, requiring a volume breakout above 75,800 USD to restart the upward movement.

On the macro level, the Tennessee Senate hearing for the Bitcoin Reserve Act was held on April 20, and the hearing for Fed Chair nominee Waller is scheduled for April 21. Policy uncertainty has suppressed market risk appetite. Moderate geopolitical tensions have increased, and overall market risk aversion sentiment has strengthened. Additionally, Bitcoin miners sold a total of over 32,000 BTC in Q1 2026, setting a new quarterly record, further increasing supply pressure.

In the derivatives market, the total liquidation in the past 24 hours reached 415 million USD, with 162,000 traders forcibly liquidated. Long positions accounted for as high as 90.61%, with bullish funds under continuous pressure across various timeframes. The total open interest of BTC derivatives decreased by 8.47% in the past 24 hours, indicating profit-taking and capital rebalancing by both longs and shorts. Regarding funding rates, some platforms have turned negative, with bears dominating the derivatives market.

Currently, BTC is in a short-term correction phase within the medium-term upward trend, with the 74,000 USD key level being a critical dividing line between bulls and bears. There are many uncertainties in the news, and the derivatives market remains under pressure, with high short-term volatility risk. Close attention should be paid to ETF capital flows and macro policy developments. #Gate13周年现场直击