Bitcoin’s current trading position is causing a stir, with the daily chart showing a downward trend. Despite a glimmer of hope earlier this week, the post-Halving crash has sent prices plummeting. The sharp decline is a clear indication that the coin faced a fierce rejection from its peak on April 13th and the middle BB.
As a result, experts predict a continued drop, following the downward trend set by the anchor bar on April 13th. It seems that sellers hold the reins, leaving little room for bulls to intervene. If the current trend persists, Bitcoin could potentially retest the $60,000 mark, leaving investors on edge.
Bitcoin is feeling the heat as it takes a 4% dip in the last 24 hours, but don’t count it out just yet – it’s still up 6% in the past week. While the coin may be riding high on weekend gains, its true potential lies in the engagement it receives from buyers.
The average trading volume has surged 28% in the last day alone, reaching an impressive $31 billion. However, this is still lower than the levels seen in mid-March 2024, leaving room for even more growth and excitement in the world of cryptocurrency.
The following Bitcoin news events are worth watching:
- GBTC Outflows Decline, But Will Inflows Be Enough to Revive BTC? Recent trading data reveals a slowing trend in outflows, while inflows remain steady. However, if GBTC continues to shed coins, the fate of BTC rests on a potential surge in inflows. Will we see a dramatic turnaround or a continued decline?
- Hong Kong is set to launch its highly anticipated Bitcoin ETFs next week, with a potential debut on April 30. But that’s not all – experts are predicting lower fees than initially expected, making it a major attraction for institutions and high net-worth investors. And if these ETFs perform as well as those in the United States, we could see a significant surge in BTC prices.
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Bitcoin Price Analysis
The ever-volatile BTC/USD is feeling the heat, undoing all the progress made on April 22. As the market struggles to break through the April 13 highs and middle BB, those looking to sell can take advantage of every peak and aim for the $60,000 mark. But don’t lose hope just yet – a breakthrough above $68,000 could turn this bearish outlook on its head.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.