Bitcoin resets bull market BTC price metrics as April dip passes 7%.
Bitcoin BTC tickers down $65,835 is resetting multiple key metrics as the BTC price drop flushes out leverage.
Data from Cointelegraph Markets Pro and TradingView shows BTC/USD currently acting around $66,000 after falling 5% in a single hourly candle.
Bitcoin may be down 7% in April, but a retest of support is already having a cathartic effect on overheated markets.
As Cointelegraph reported, with the latest drop came a major liquidation event — one which, at the time of writing, totaled $400 million for Bitcoin and altcoins combined.
With it, per data from monitoring resource CoinGlass, funding rates started turning negative.
“Prices are pushing lower, and funding rates plummet as a result,” popular trader Jelle commented in a post on X.
“BTC & ETH margined contracts already into the negatives. All leverage must be destroyed before price discovery.”
In the latest edition of its “Asia Morning Color” market updates sent to Telegram channel subscribers, trading firm QCP Capital acknowledged the significant change in the funding landscape.
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