Bitcoin is set to close April down this evening after experiencing a 15% drawdown since the beginning of the month. The closure of the monthly candle will mark the end of seven consecutive green candles, bringing an end to a record-making streak.
The month began with Bitcoin achieving a new all-time high for a monthly candle close at around $71,200. This surpassed the previous high of around $60,500 set in 2021. The cryptocurrency is currently trading at $60,393.10, down 4% over the past 24 hours.
Investors are closely watching the psychological support level of $60,000 as a crucial marker for Bitcoin in the upcoming week. Sentiment is on the decline due to reduced buying pressure from Bitcoin ETFs in the US and the underwhelming opening of Hong Kong ETFs this morning.
In the last 24 hours, over $300 million in crypto liquidations have occurred, with the majority coming from long positions at $257 million and only $58 million from shorts, according to Coinglass data. Binance, the most liquid exchange for Bitcoin trading, is showing significant buy walls of around $60,000, with over 1,000 BTC ($60 million) of buy orders set on the BTC-USDT pair alone.
With Bitcoin sentiment down and no major bullish events on the horizon, price discovery is expected to be driven less by optimism about future events and more by the intrinsic value of the Bitcoin network. It remains to be seen whether the cryptocurrency will retest lower bounds or hold strong at this key historical and psychological monthly support level.
The total crypto market is currently valued at $2.22 trillion with a 24-hour volume of $80.45 billion. Bitcoin dominance stands at 53.62%.
