On April 20th, BTC continued its correction trend, breaking below the 74,000 USD key level, with a 24-hour decline of about 2.5%, currently quoted at approximately 73,971 USD. Previously, the price rapidly retreated after reaching a high of 78,300 USD last week, with heavy 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 moving averages 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 strong support. The current price is oscillating between the upper band and the midline, representing a normal correction during an upward trend. However, on the 4-hour chart, the MACD has formed a death cross, with the green bars continuing to expand, indicating that short-term bearish momentum is dominant. The 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 deepen. Strong resistance lies in the 77,800-78,320 USD region, and a sustained move above 75,800 USD with increased volume is needed to resume the upward movement.

On the macro front, the Tennessee State Bitcoin Reserve Bill held a Senate hearing on April 20th. The hearing for Fed Chair nominee Waller is scheduled for April 21st, with policy uncertainty suppressing market risk appetite. Moderate geopolitical tensions are rising, boosting overall market risk aversion. Additionally, Bitcoin miners sold over 32k BTC in Q1 2026, setting a new quarterly record and further increasing supply pressure.

In the derivatives market, the total liquidation over the past 24 hours reached $415 million, with 162k traders forced to liquidate. Long positions accounted for 90.61%, indicating persistent pressure on bullish funds across various timeframes. The total open interest in BTC derivatives decreased by 8.47% in the past 24 hours, as both longs and shorts realize profits and rebalance funds. 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 level serving as a critical dividing line between bulls and bears. There are considerable uncertainties in the news environment, and the derivatives market remains under pressure, with higher short-term volatility risks. Close attention should be paid to ETF fund flows and macro policy developments.