Bitcoin faced resistance at the April 22 Wall Street open, halting its post-halving rally as automated trading algorithms triggered selling pressure.

Despite reaching weekly highs of $66,546 on Bitstamp, Bitcoin's upward momentum was challenged as a wave of algorithmic selling dominated the market. Skew, a prominent trader, observed that the trading activity was predominantly driven by algorithms selling, with minimal buying interest from individual traders.

Spot flow indicated a lopsided market, with bids and asks clustered around the BTC spot price. Notably, there was a concentration of bids between $64,000 and $65,500, while ask liquidity was stacked between $66,500 and $67,750.

Analyst Matthew Hyland highlighted the significance of Bitcoin's 10-week simple moving average (SMA), which has historically acted as a crucial support level during bull markets. At the time, the 10-week SMA stood at $65,686, suggesting its importance in providing support for Bitcoin's price.

Credible Crypto, another analyst, proposed a theory suggesting that Bitcoin might experience a pullback to liquidate long positions before resuming its upward trajectory. He pointed out an increase in Open Interest (OI) as an indicator that such a move could occur.

In summary, Bitcoin's price action reflected a tug-of-war between buyers and sellers, with algorithms driving selling pressure at the Wall Street open. The market's response to key support levels and the potential for a liquidity hunt before a sustained upward move remained focal points for traders and analysts.