**Bitcoin's Seven-Month Bull Run Faces a Hurdle**
Bitcoin (BTC), the flagship cryptocurrency, is poised to end its seven-month streak of positive monthly closes. As April draws to a close, BTC's price hovers around $63,000, significantly below the threshold of $71,280 required to maintain the bullish streak.
The cryptocurrency market has experienced considerable turbulence throughout April, with BTC feeling the brunt of adverse news and data that dampened market sentiment. One of the key factors driving this downturn has been the uncertainty surrounding spot Bitcoin ETFs, which had previously fueled optimism in the crypto space.
As tensions between Israel and Iran escalated, coupled with net money outflows in spot Bitcoin ETFs, selling pressure mounted. These factors led to a decline in BTC's price, threatening the end of its seven-month positive run. Unless Bitcoin manages to surge by 16% before the end of April, the streak will end with a negative monthly close.
Bitcoin's impressive rally began in September 2023, sparked by the anticipation of spot Bitcoin ETFs in the United States. The cryptocurrency climbed from $25,940 to $27,483 as investors and analysts speculated on the potential benefits of ETF approval. This momentum continued through the following months, driven by positive news and market sentiment.
However, April's bearish market conditions have raised concerns about a broader downward trend. Experts in the crypto industry suggest that if Bitcoin's price closes in the red for April, it could signal the beginning of a bearish trend that might continue into May. If this scenario plays out, Bitcoin could face two consecutive months of negative monthly closes, potentially indicating a market correction.
As the market watches for signs of recovery, the end of Bitcoin's seven-month positive streak may mark a pivotal moment in the cryptocurrency's 2024 journey, with implications for investor sentiment and broader market trends.
