Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • SUBMIT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • SUBMIT
Crypto Flexs
Home»ETHEREUM NEWS»Bitcoin has regained key support above $60,000 after attempting to sweep away from its March lows.
ETHEREUM NEWS

Bitcoin has regained key support above $60,000 after attempting to sweep away from its March lows.

By Crypto FlexsMay 1, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Bitcoin has regained key support above ,000 after attempting to sweep away from its March lows.
Share
Facebook Twitter LinkedIn Pinterest Email

Bitcoin (BTC) regained the crucial $60,000 support level in a show of resilience after bears attempted to wipe out $59,000 lows set in March, based on CryptoSlate data.

The leading cryptocurrency is trading at $60,800 at press time, after falling more than 5% to around $59,100 on April 30 when New York closed trading.

The broader cryptocurrency market also saw significant losses on the day, with most major caps falling between 5% and 10%.

At press time, Ethereum (ETH) is trading at $3022 after falling to a low of $2919, while BNB is trading around $580 after recovering from a low of $555.

Solana (SOL) experienced an even more dramatic 9% drop to $121 before recovering to $128 as of press time.

End of euphoria phase

Bitcoin’s recent “euphoria phase” is showing signs of cooling, potentially signaling that the cryptocurrency’s price is nearing a bottom, according to a Glassnode report on April 30.

After surging to an all-time high of $73,000 in early March, Bitcoin has experienced a significant pullback and its current price has consolidated between $60,000 and $67,500. The recent decline is part of a broader “net redistribution” phase following the flagship cryptocurrency’s halving bounce.

Glassnode’s analysis shows that the cooling phase is mainly driven by new investors taking profits and contributing to sell-side pressure.

The market intelligence company utilized cumulative trend scores to study Bitcoin price movement patterns and observed similarities with previous bull markets.

The company also highlighted that geopolitical tensions in the Middle East and the introduction of spot Bitcoin ETFs in the US in January had an impact on Bitcoin prices.

In particular, the Net Unrealized Profits and Losses (NUPL) indicator, which measures net profits or losses normalized to market capitalization, has been above 0.5 for the past seven months, indicating a sustained euphoric phase.

cautiously optimistic

Despite the current recession, Glassnode suggests the market may be approaching a point of seller exhaustion, especially among short-term holders who have dominated recent selling.

The cost basis for investors who held Bitcoin for a week to a month is now $66,700, a key figure that closely matches losses realized since mid-March.

The market outlook remains cautiously optimistic as Bitcoin maintains its position above the core price of $60,000. However, if Bitcoin fails to sustain above $60,000, market sentiment is clearly bearish in the near term.

Meanwhile, future economic data, regulatory developments, and geopolitical climate changes are expected to play a significant role in shaping the direction of Bitcoin and the broader cryptocurrency market.

Mentioned in this article
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Fusaka Update – Information for Blob Users

October 18, 2025

Class action lawsuit claims Microsoft choked AI supply to drive up ChatGPT costs

October 14, 2025

‘OG’ Whale Attracts Over $400 Million in Bearish BTC Bet

October 10, 2025
Add A Comment

Comments are closed.

Recent Posts

Billionaire Tim Draper Leads $3.2M Seed Round For Ryder To Replace Seed Phrases With TapSafe Recovery

October 18, 2025

IRANcoin Global Reserve (IRCOIN) launches to reshape global digital payments

October 18, 2025

Fusaka Update – Information for Blob Users

October 18, 2025

6 Best AI Quant Bots To Use In 2025: Smarter Trading Starts Here

October 18, 2025

BTC RSI hits April low as Coinbase premium turns red.

October 18, 2025

The Great Inheritance and Crypto: What you need to know.

October 17, 2025

6 Best AI Quant Bots To Use In 2025: Smarter Trading Starts Here

October 17, 2025

AI and Bitcoin mining stocks soar after OpenAI closes multibillion-dollar chip deal with AMD

October 17, 2025

MEXC Celebrates ZEROBASE (ZBT) Listing With Airdrop+ Event Featuring 55,000 USDT Prize Pool

October 16, 2025

How MasterQuant’s AI Trading Bot Is Becoming Every Investor’s Favorite Trade Machine

October 16, 2025

Seascape Launches First Tokenized BNB Treasury Strategy On Binance Smart Chain

October 16, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Billionaire Tim Draper Leads $3.2M Seed Round For Ryder To Replace Seed Phrases With TapSafe Recovery

October 18, 2025

IRANcoin Global Reserve (IRCOIN) launches to reshape global digital payments

October 18, 2025

Fusaka Update – Information for Blob Users

October 18, 2025
Most Popular

White House opposes FIT21 over concerns about lack of investor protections

May 22, 2024

Meet the hacker who can help you get your cryptocurrency savings back

July 11, 2024

According to LINK’s forecast, the price is expected to rise 20% in 7 days.

January 21, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.