Bitcoin Monthly Candle Closes Down 15% After Record Streak: What’s Next for BTC?
Bitcoin is set to close April on a down note, with a drawdown of roughly 15% since the start of the month. This marks the end of a record-breaking streak of seven successive green candles for the cryptocurrency.
At the beginning of the month, Bitcoin reached a new all-time high for a monthly candle close at around $71,200, surpassing the previous high of $60,500 set in 2021. However, sentiment has been waning as buying pressure from Bitcoin ETFs in the US has decreased, and Hong Kong ETFs opened poorly this morning.
In the past 24 hours, over $300 million in crypto liquidations have occurred, with the majority coming from long positions. Binance, the most liquid exchange for Bitcoin trading, shows significant buy walls around $60,000, with over 1,000 BTC ($60 million) of buy orders ready to absorb a dip to that level.
With no future bullish events on the horizon, price discovery for Bitcoin is likely to be driven by the intrinsic value of the network. The question remains whether Bitcoin will hold strong at the key historical and psychological monthly support of $60,000, or if profit-taking will lead to a retest of lower bounds.
At the time of writing, Bitcoin is down 4% over the past 24 hours, with a market capitalization of $1.19 trillion and a 24-hour trading volume of $32.26 billion. The total crypto market is valued at $2.22 trillion, with Bitcoin dominance at 53.62%.
