Cardano

Bitcoin ETF

Bitcoin

April

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 <p class="paragraph">After months of rallying and predominantly trading in the green zone, Bitcoin (BTC) faces a new sobering reality, with the maiden cryptocurrency poised to close April with losses.</p>
 <p class="paragraph">These losses come after the asset enjoyed a seven-month streak of bullish price movements, highlighted by key events such as the approval of the first US spot Bitcoin exchange-traded fund (ETF) and the halving.</p>
 <p class="paragraph">Reviewing the asset’s price, crypto trading expert <em>TradingShot</em> suggested in a TradingView post on April 30 that the one-month decline should not cause alarm. Notably, amid the price drop, Bitcoin has struggled to maintain its valuation above $60,000, with concerns that a slip below this level could result in further losses.</p>
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 <p class="paragraph">The expert noted that Bitcoin has historically experienced a brief decline within its bull cycles, with single red <a rel="noopener noreferrer nofollow" title="month" href="https://thebittimes.com/tag/month.html">month</a>ly candles being a common occurrence.</p>
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  <p class="paragraph">“Only once we’ve had 3 straight red months during a Bull Cycle and that was on September 2019 but it was when Bitcoin was correcting the abnormal very early rise following the Libra euphoria,” the expert noted.&nbsp;</p>
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 <figure class="wp-block-image aligncenter size-large"><img decoding="async" width="1024" height="564" src="https://cdn.thebittimes.com/images/2024/04/30/82c65c7ca2cc3c66d8314b7b7e5a1332.webp" alt class="wp-image-172816" srcset="https://cdn.thebittimes.com/images/2024/04/30/82c65c7ca2cc3c66d8314b7b7e5a1332.webp 1024w, https://cdn.thebittimes.com/images/2024/04/30/82c65c7ca2cc3c66d8314b7b7e5a1332.webp 300w, https://cdn.thebittimes.com/images/2024/04/30/82c65c7ca2cc3c66d8314b7b7e5a1332.webp 768w, https://cdn.thebittimes.com/images/2024/04/30/82c65c7ca2cc3c66d8314b7b7e5a1332.webp 1104w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin price analysis chart. Source: TradingView/TradingShot</em>
  </figcaption>
 </figure>
 <h2 class="wp-block-heading" id="h-the-impact-of-halving">The impact of halving</h2>
 <p class="paragraph">The analysis pointed out that after each of Bitcoin’s halving events, the cryptocurrency has seen single red candles five times and double red candles twice. This pattern suggests that short-term corrections are expected, especially as Bitcoin gears up for its final surge.</p>
 <p class="paragraph">Looking ahead, there is optimism for a rebound in the coming months. The analyst suggested that June will likely return to green territory, potentially kicking off another streak of positive monthly performances.&nbsp;</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“If June is red too, we should then experience at least 4 straight <a rel="noopener noreferrer nofollow" title="green" href="https://thebittimes.com/tag/green.html">green</a> <a rel="noopener noreferrer nofollow" title="month" href="https://thebittimes.com/tag/month.html">month</a>s as it happened on December 2016. In any case it appears that buying now on this red <a rel="noopener noreferrer nofollow" title="month" href="https://thebittimes.com/tag/month.html">month</a>ly closing is as good of a level as any as BTC prepares for the final parabolic rally of the Cycle,” the analyst said.&nbsp;</p>
 </blockquote>
 <p class="paragraph">In addition to the monthly candlestick analysis, attention is drawn to the one-month Relative Strength Index (RSI), which has recently dipped below the 70 barrier after reaching highly overbought levels in March.&nbsp;</p>
 <p class="paragraph">This pullback is likened to previous RSI corrections observed in September 2020, March 2017, and October 2012, further reinforcing the notion that Bitcoin’s parabolic rally may be imminent.</p>
 <p class="paragraph">With Bitcoin striving to establish stability above the $60,000 support zone, some analysts contend that other critical levels could facilitate a rebound. According to a report by Finbold, maintaining a price above the $61,900 support threshold could propel Bitcoin towards the $70,000 mark.</p>
 <p class="paragraph">However, the current price trajectory has been influenced by various factors, including the slowdown in Bitcoin ETF inflows and uncertainties surrounding the Federal Reserve’s monetary policy amid persistent inflation concerns. Additionally, Bitcoin’s response to the rollout of a spot ETF in Hong Kong has been tepid.</p>
 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin price analysis</h2>
 <p class="paragraph">At the time of reporting, Bitcoin was valued at $61,255, marking a correction of approximately 1.6% over the past 24 hours. Over the past week, the cryptocurrency experienced a downturn of nearly 9%.</p>
 <figure class="wp-block-image aligncenter size-full"><img decoding="async" width="675" height="550" src="https://cdn.thebittimes.com/images/2024/04/30/aab77e72d1f042b5507c3f11dc20af56.webp" alt class="wp-image-172818" srcset="https://cdn.thebittimes.com/images/2024/04/30/aab77e72d1f042b5507c3f11dc20af56.webp 675w, https://cdn.thebittimes.com/images/2024/04/30/aab77e72d1f042b5507c3f11dc20af56.webp 300w" sizes="(max-width: 675px) 100vw, 675px">
  <figcaption class="wp-element-caption"><em>Bitcoin seven-day price chart. Source: Finbold</em>
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 </figure>
 <p class="paragraph">Interestingly, technical indicators signal bullish sentiment as Bitcoin seeks a potential upturn in May. According to one-month gauges sourced from <em>TradingView</em>, a summary reflects a ‘buy’ sentiment at 12, with moving averages indicating a ‘strong buy’ at 11, while oscillators suggest a ‘sell’ stance at 7.</p>
 <figure class="wp-block-image aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="189" src="https://cdn.thebittimes.com/images/2024/04/30/531a78198f0b77b7ea8cfcf2f940a286.webp" alt class="wp-image-172821" srcset="https://cdn.thebittimes.com/images/2024/04/30/531a78198f0b77b7ea8cfcf2f940a286.webp 1024w, https://cdn.thebittimes.com/images/2024/04/30/531a78198f0b77b7ea8cfcf2f940a286.webp 300w, https://cdn.thebittimes.com/images/2024/04/30/531a78198f0b77b7ea8cfcf2f940a286.webp 768w, https://cdn.thebittimes.com/images/2024/04/30/531a78198f0b77b7ea8cfcf2f940a286.webp 1536w, https://cdn.thebittimes.com/images/2024/04/30/531a78198f0b77b7ea8cfcf2f940a286.webp 1589w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin technical analysis. Source: TradingView</em>
  </figcaption>
 </figure>
 <p class="paragraph">Although technical indicators for the upcoming <a rel="noopener noreferrer nofollow" title="month" href="https://thebittimes.com/tag/month.html">month</a> appear optimistic, Bitcoin must overcome its current challenges and maintain a <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> above $60,000 to sustain any chance of positive momentum.</p>
 <p class="paragraph"><strong><em>Disclaimer:&nbsp;</em></strong><em>The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-price-red-alert-as-7-month-green-streak-ends-how-bad-is-it-tbt87051.html">https://thebittimes.com/bitcoin-price-red-alert-as-7-month-green-streak-ends-how-bad-is-it-tbt87051.html</a></p>

Bitcoin price red alert as 7-month green streak ends; How bad is it?

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