Future

United

2024

Bitcoin

April

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin (BTC) is experiencing a ten-day low as it approaches the April monthly close.</li>
 <li>Market observers are watching key areas of support as seller interest remains high.</li>
</ul>
<p>The leading cryptocurrency, <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a>, is facing a period of uncertainty as it approaches the end of April with its price reaching ten-day lows. The cryptocurrency continues to struggle under significant resistance levels following a week of consistent selling during Wall Street trading hours.</p>
<h2 id="bitcoin-s-worst-month-of-2024">Bitcoin’s Worst Month of 2024?</h2>
<p>The remainder of April poses a challenge for Bitcoin bulls as they grapple with macro and geopolitical instability. The April candle close is just days away from potentially becoming Bitcoin’s worst month of 2024 so far.</p>
<p>The landscape remains difficult, with substantial seller interest between the spot price and new all-time highs. While the price discovery is merely around $12,000 away, these levels seem firmly out of reach. As a result, market observers are focusing on key areas of support should the downside pressure continue.</p>
<h2 id="future-outlook">Future Outlook</h2>
<p>Some optimists argue that the BTC/USD is merely ranging and that time will result in a continuation of the bull market seen in Q1. This comeback may be supported by the launch of its own spot Bitcoin exchange-traded funds (ETFs) in Hong Kong, less than four months after a similar launch in the United States.</p>
<p>The weekly close provided little relief for Bitcoin traders as BTC/USD continued to drop into the Asia session. Even at current levels around $62,000, April is on track to deliver more than 12% losses. This would make it Bitcoin’s worst-performing month since November 2022.</p>
<p>In the coming week, a seminal moment in Bitcoin institutional adoption is expected with the launch of spot Bitcoin ETFs in Hong Kong. This could potentially lead to increased liquidity and stabilize Bitcoin prices. However, its success and impact on the broader market will heavily depend on regulatory environments, investor sentiment, and macroeconomic factors influencing cryptocurrency valuations.</p>
<p>As Bitcoin hovers close to significant support levels, the aggregate cost basis of Bitcoin’s short-term holders is now of interest to analysts. This investor cohort corresponds to entities holding a portion of BTC for a maximum of 155 days, essentially making up the speculative end of the investor spectrum.</p>
<p>Despite lackluster BTC price action, smaller retail investor interest seems to be returning. Data shows that wallets with less than 100 BTC are increasing exposure, indicating that retail holders are accumulating Bitcoin once again.</p>

Bitcoin’s Tumultuous Journey: 5 Essential Highlights from the Harshest Month since 2022 Bear Run

Table of Contents

crypto.ro global

Other articles published on Apr 29, 2024

New Solana Memecoin Homo Dogecoin (HODOGE) to Explode Over 8,000% Amid MEXC Listing, While Shiba ...

Premarket Movers: Tesla, Paramount Global, and Southwest Airlines

Will Chainlink Price Extend Its Correction Below $12? Chart Pattern Offers Insight

Spot Bitcoin ETFs Experience First Major Outflows in April Amid Market Cool-Off

Polygon on Path to $1 as Whales Increase Holdings, Could this Altcoin Lead the AI Market?

Binance Expands Trading Options with New Pairs for Cryptocurrencies

Join our free newsletter for daily crypto updates!