Key Points:
Bitcoin monthly performance was truly dismal in April, the value of Bitcoin plummeted by nearly 16%, marking a stark contrast to its previous record highs above $70,000. Currently, Bitcoin is trading at $56,600, down 5.8% from its recent peak in late February.
Data from CoinGlass reveals that over $447 million in long positions for all cryptocurrencies were liquidated in the past 24 hours, with total liquidations surpassing $500 million when including short positions. Notably, $28.4 million of these liquidated positions were in Bitcoin over the past four hours alone.
The price of Bitcoin now sits 22% below March’s record high, technically placing it in a bear market. Despite Bitcoin monthly performance being poor, it remains up 35% year-to-date and has doubled in value compared to this time last year, largely due to significant investments flowing into exchange-traded funds since January.
Analysts attribute the recent downturn to increased profit-taking by investors who entered the market during previous downturns, as well as ETF investors witnessing significant price appreciation since entering the market in early 2024.
The Federal Reserve‘s stance on interest rates has further impacted investor sentiment, with expectations that rates will remain higher for longer. This has led to substantial outflows from Bitcoin ETFs, particularly from BlackRock’s iShares Bitcoin Trust, which is the largest in terms of holdings.
Additionally, geopolitical worries in the Middle East and the recent halving event in April, designed to reduce the rate of new Bitcoin creation, have failed to provide support for Bitcoin’s price, which has dropped by approximately 15% since the event.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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