Bitcoin (BTC) tapped 3-day lows into the April 20 weekly close as analysis warned of a fresh liquidity grab next.

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dropping 1.5% to $83,974 on the day before rebounding.

Bitcoin (BTC) tapped three-day lows ahead of the April 20 weekly close as analysis warned of a fresh liquidity grab next.

Bitcoin struggles ahead of key support

Data from Cointelegraph Pro and TradingView showed BTC/USD dropping 1.5% to $83,974 on the day before rebounding.

Still broadly less volatile over the weekend, Bitcoin nonetheless appeared to be stemming the week’s downside, but doubts appeared over the strength of nearby support.

Investigating the current liquidity setup across exchange order books, popular analyst Mark Cullen was particularly skeptical of $83,000.

“Bitcoin 90k liquidity still calling. BUT, i think the 83k level isn't safe, those lows from last Sunday and Wednesday are likely to get run first,” he summarized on X.

suggesting that lower levels would be targeted first.

Cullen and others nonetheless saw a short-term BTC price range between $83,000 and $86,000 staying in place over the Easter holiday weekend.

"Pretty slow market during this long weekend as expected. I think next week will get interesting as the charts are quite compressed. Any decent good/bad headline could spark a pretty large move I think. Even if its just from positions getting squeezed," popular trader Daan Crypto Trades continued.

An accompanying chart showed BTC price action relative to the latest closing point of CME Group's Bitcoin futures, potentially inviting the creation of a "gap" that could provide a short-term price magnet.

Fellow trader Roman meanwhile had his eye on what could become a return to multi-month lows as part of a bullish inverse head and shoulders reversal pattern.

"If volume is decreasing on the way to 76k, I'll take longs," he told X followers.

Confidence increases over BTC price breakout

Among those less focused on short-term moves, the narrative remained largely one of continuation for bulls.

Popular trader and analyst Rekt Capital had good news when updating readers on the daily chart.

Bitcoin, he confirmed, had definitively broken out of a multi-month downtrend without violating it during retests as support.

"Bitcoin hasn't just broken the Downtrend and successfully retested it as support for the first time since Downtrend formation," he wrote.

As Cointelegraph reported, the fate of the downtrend had been on the radar for several weeks, with opinions diverging on whether price would return below it.