Bitcoin

April

USDC

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/exploring-the-recent-decline-in-bitcoins-price/" data-wpel-link="internal">Exploring the Recent Decline in Bitcoin’s Price</a> 
According to market value, <a href="https://coin-turk.com/ekonomiye-neler-oluyor-kuresel-fonlar-altin-stokluyor-btc-yatirimi-yapiyor" data-wpel-link="internal">Bitcoin</a> (<a href="https://en.coin-turk.com/3-charts-that-could-send-bitcoin-prices-soaring/" data-wpel-link="internal">BTC</a>), the largest cryptocurrency, is preparing to end a seven-month rising streak as it struggles with an 11% drop over the month at the time this article was written. This change, the first since August 2023, has brought BTC to a trading price of $63,200. 
<h2 style="text-align: justify" id="strong-factors-behind-bitcoin-s-price-drop-strong">Factors Behind Bitcoin’s Price Drop</h2> 
The recent decline in <a href="https://en.coin-turk.com/bitcoin-price-surge-and-altcoin-market-update/" data-wpel-link="internal">Bitcoin</a>‘s price has been influenced by several factors. One significant factor is the decreased demand for U.S.-based spot Bitcoin exchange-traded funds (ETFs) coupled with the Federal Reserve’s (Fed) reduced likelihood of lowering interest rates. Additionally, a trend of moving away from risk in broader financial markets has also played a role in reducing the bullish trend for Bitcoin this month. 
Despite these challenges, the continued increase in market value of leading stablecoins like <a href="https://coin-turk.com/bu-stablecoinden-cikislar-devam-ediyor-altcoin-guc-kaybediyor" data-wpel-link="internal">USDT</a> and USDC has provided some support to the market. 
Analysts are closely monitoring the U.S. Treasury’s Quarterly Refunding Announcement scheduled for May 1. According to analysis by Singapore-based QCP Capital, issuing more short-term U.S. bonds could inject liquidity into the market, potentially boosting risky assets like Bitcoin. The announcement also indicates that the Treasury plans to borrow more during the April-June quarter, potentially increasing bond supply and yields, thus affecting investors’ sensitivity towards riskier assets. 
<h2 style="text-align: justify" id="strong-potential-increase-in-bitcoin-dominance-strong">Potential Increase in Bitcoin Dominance</h2> 
Despite the recent price drop, Bitcoin’s dominance in the cryptocurrency market has risen to 57%, the highest level in three years. This breakout from a six-month consolidation pattern suggests that Bitcoin could outperform altcoins in the coming months. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-346135" src="https://coin-turk.com/wp-content/uploads/2024/04/Bitcoin-Hakimiyet-Altcoin.jpeg" alt="" width="1622" height="726"> 
Fairlead Strategies in its latest client report published on April 29, noted that the recent breakout in Bitcoin’s dominance indicates a preference for the largest cryptocurrency over altcoins in the medium term. This trend is supported by the weekly Relative Rotation Graph (RRG), which points to a downward trajectory for most altcoins. Fairlead Strategies also added that the breakout in Bitcoin’s dominance signals a continuation of a long-term recovery phase, with altcoins losing most of the gains made since early 2021. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/exploring-the-recent-decline-in-bitcoins-price/" data-wpel-link="internal">Exploring the Recent Decline in Bitcoin’s Price</a></h5>

Exploring the Recent Decline in Bitcoin’s Price

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