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Since the 2022 bear market, investors accustomed to steadily rising markets were shaken in April. Bitcoin’s price climbed to $62,450 at the time of writing, but recently fell below $62,000. Bears turning $65,000 into resistance are now pushing the price back down to the $60,400 region. Are the bad days returning for cryptocurrencies?
Bitcoin (BTC)
This week holds a crucial Fed interest rate decision, and comments by Powell will be closely monitored. Data concerning the US economy has increased uncertainty and concern. Current conditions shaking Bitcoin prices are the basis of today’s weak performance.
Macro and geopolitical instability have weakened Bitcoin bulls. If the April candle closes at current levels, we will have left behind the worst month since 2024. The shock experienced by investors returning to crypto after a strong first quarter could intensify.
Bitcoin Price Predictions
Last week, attempts to reach $65,000 were suppressed by algorithmic selling, according to many commentators including popular crypto analyst Skew. In his latest market assessment, Skew wrote that prices would move boringly back and forth at these levels for a while.
“I see the potential for a longer crab period between $67,000 and $58,000 until suitable market flow is supported.”
Although sellers have so far failed to keep BTC price below $60,000, they have also blocked closings above $67,000 and $65,000. If we close April without a major turnaround, according to Coinglass data, it will be the worst-performing month since 2022.
Skew lastly wrote;
“There are about 2 days left until the monthly close, and the price will show more volatility after this close. Monthly and weekly openings will act as very important levels.”
The analyst marked $58,000 as a key support level, and if bears break through this point, the boring period for Bitcoin could continue much longer.
