💰💰💰💰💰5 Key Takeaways from Bitcoin's Hardest Month Since 2022 Bear Run
Bitcoin (BTC) is at a ten-day low ahead of April's closing.
Market experts are scrutinizing key support points as selling activity remains strong.
As April ends, Bitcoin (BTC) is at ten-day lows, causing concern. The cryptocurrency is under substantial resistance after a week of Wall Street trading hours dumping.
Bitcoin's Worst 2024 Month?
Bitcoin bulls face economic and geopolitical uncertainty throughout April. Bitcoin might have its worst month of 2024 by the April candle closure.
With seller interest between the current price and fresh all-time highs, the situation remains challenging. The price discovery is just $12,000 away, but these levels appear unattainable. Thus, market analysts are looking on important support zones if bearish pressure continues.
Future View
Some optimists believe the BTC/USD is just fluctuating and will continue the Q1 bull market. This recovery may be encouraged by the introduction of its own spot Bitcoin ETFs in Hong Kong, less than four months after a similar debut in the US.
BTC/USD fell into the Asia session after the weekly close, disappointing Bitcoin traders. Even at $62,000, April may lose more than 12%. This would be Bitcoin's worst month since November 2022.
The debut of spot Bitcoin ETFs in Hong Kong next week is anticipated to revolutionize Bitcoin institutional usage. This might boost Bitcoin liquidity and stabilize prices. However, regulatory settings, investor opinion, and macroeconomic variables affecting bitcoin prices will determine its success and market influence.
Analysts are increasingly interested in Bitcoin's short-term holders' aggregate cost basis as it approaches critical support levels. This speculative investor group holds BTC for a maximum of 155 days.
Despite weak BTC price movement, smaller retail investor interest is returning. Bitcoin wallets under 100 BTC are expanding exposure, suggesting retail holders are acquiring Bitcoin again.
