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Bitcoin: Worst Month since 2022 Bear Market

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Bitcoin: Worst Month since 2022 Bear Market

Bitcoin (BTC) is ending the month of April on shaky ground, as its price falls to its lowest level in ten days. The cryptocurrency has struggled to break through significant resistance levels and has faced sustained selling during Wall Street trading hours. Geopolitical and macroeconomic instability have created a challenging environment for Bitcoin bulls this month. The April candle close in a few days will determine whether it becomes Bitcoin’s worst month of 2024 so far. The outlook remains uncertain, with seller interest preventing BTC from reaching new all-time highs. Market observers are now looking for key areas of support in case downside pressure continues.

Optimists believe that BTC/USD is in a range-bound phase and that a bull market continuation, similar to what was experienced in Q1, is still possible. This week may bring a sense of deja vu as Hong Kong prepares to launch its own spot Bitcoin exchange-traded funds (ETFs), less than four months after the United States did the same. In this weekly rundown of BTC price-related news, examines these key topics and more.

Bitcoin is at risk of ending April as its worst-performing month since November 2022. The cryptocurrency dropped to a low of $61,943, its lowest level since April 19. Relief bounces toward $65,000 have encountered selling pressure, possibly due to U.S. automated trading algorithms. Even at current levels around $62,000, BTC is on track to deliver more than 12% losses for the month. The monthly close will be a crucial focus for BTC price, with $58,000 serving as a key support level.

Significant macroeconomic events are taking place this week, including the U.S. Federal Reserve’s interest rates decision. While no surprises are expected, recent macro data prints have concerned risk-asset bulls. Lower interest rates may be delayed, causing worry among investors. Any significant worsening of economic conditions could lead to more stress for Bitcoin and risk assets. Volatility is already apparent this week, with a regional bank failure in the U.S. and the yen hitting its lowest levels against the dollar since 1990 in flash volatility.

Hong Kong is set to launch spot Bitcoin ETFs, following in the footsteps of the United States. This development may lead to increased liquidity and price stabilization for Bitcoin. The Asian market, which has a bigger user count than the U.S. and European markets combined, could generate significant demand for spot ETF products. Mainland China’s participation may be restricted due to regulatory hurdles. The success and impact of Bitcoin ETFs in Hong Kong will depend on regulatory environments, investor sentiment, and macroeconomic factors.

Bitcoin’s price is hovering near significant support levels, such as $60,000 and $58,000. One particular trendline, the short-term holders’ realized price, is becoming a key level to watch. This level has acted as support during Bitcoin’s recovery from bear market lows, with only a brief period of breaking below it. Two mid-term exponential moving averages (EMAs) are lining up to provide support in case of a deeper retracement.

Despite the lackluster price action, smaller retail investors are showing renewed interest in Bitcoin. Wallets with less than 100 BTC are increasing their exposure to the cryptocurrency. Retail holders, who are often seen as quick to sell during corrections, are accumulating Bitcoin once again. This could be a positive sign for the market.

Bitcoin continues to face challenges as it approaches the end of April. Resistance levels are impeding its progress, and downside pressure remains a concern. Optimistic investors believe that a bull market continuation is still possible. The launch of Bitcoin ETFs in Hong Kong and renewed interest from retail investors are potential catalysts for a price turnaround.

11 thoughts on “Bitcoin: Worst Month since 2022 Bear Market

  1. Despite the current hurdles, I remain confident in Bitcoin’s potential for growth! Let’s stay positive, hodlers! .

  2. The recent U.S. bank failure and yen volatility may be adding to Bitcoin’s challenges this month. Stay strong, !

  3. As the month comes to an end, the future of Bitcoin remains uncertain. Will it be able to turn things around and avoid further losses?

  4. The launch of spot Bitcoin ETFs in Hong Kong may generate demand and stabilize prices. But regulatory hurdles and investor sentiment could hinder its success.

  5. Despite the current situation, I believe in the potential of Bitcoin to bounce back! Stay positive, everyone! 🌈πŸ’ͺ

  6. The U.S. regional bank failure and yen volatility adds to the challenges Bitcoin is facing this month. Stay strong, ! πŸ’ΌπŸŒͺ️

  7. Smaller retail investors are embracing Bitcoin again! This shows confidence in the market.

  8. Hong Kong’s spot Bitcoin ETFs could have a positive impact on the market. Exciting developments ahead!

  9. The resistance levels are holding strong, preventing Bitcoin from reaching new highs. Is there any hope for a bullish trend? πŸ»πŸ”’

  10. It’s disheartening to see Bitcoin heading towards its worst month in years. The optimism felt in Q1 seems to have vanished.

  11. Despite the selling pressure, I’m staying optimistic about Bitcoin’s future! HODL strong, my friends!

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