Worst month since 2022 bear market? 5 things to know in Bitcoin this week
Bitcoin $BTC heads into the April monthly close on an uncertain footing as BTC price action falls to 10-day lows.
The largest cryptocurrency continues to tread water beneath significant resistance levels after a week of sustained selling during Wall Street trading hours.
The April candle close has just days left to avoid becoming Bitcoin’s worst month of 2024 so far.
The immediate landscape remains problematic — seller interest between the spot price and new all-time highs is considerable, and while price discovery is only around $12,000 away, such levels seem firmly out of reach.
The weekly close provided little respite for battered Bitcoin traders as BTC/USD continued dropping into the Asia session.
Hitting lows of $61,943 on Bitstamp, per data from Cointelegraph Markets Pro and TradingView, the pair thus saw its lowest levels since April 19.
The week prior, relief bounces toward $65,000 had repeatedly encountered selling pressure around the Wall Street open which commentators including popular trader Skew attributed to U.S. automated trading algorithms.
“I do see the potential for longer crab between $67K - $58K till proper flow supported breakout,” he continued in fresh analysis on X on April 29.
Bears have so far failed to keep the market below $60,000 for long. Even at current levels around $62,000, however, April is on track to deliver more than 12% losses.
Data from monitoring resource CoinGlass confirms that this would make it Bitcoin’s worst-performing month since November 2022 — the height of the latest bear market.
Skew continued that wherever it ends up, the monthly close would form a key new BTC price focus in its own right.
“1M close is in 2days roughly, following that close monthly & weekly open will act as very pivotal levels,” he wrote, describing one-month timeframes as “not bad at all” and reiterating the significance of $58,000 as support.
