Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
Home»ADOPTION NEWS»Bitcoin price lost $60,000 support and hit a two-month low.
ADOPTION NEWS

Bitcoin price lost $60,000 support and hit a two-month low.

By Crypto FlexsMay 1, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Bitcoin price lost ,000 support and hit a two-month low.
Share
Facebook Twitter LinkedIn Pinterest Email

Bitcoin (BTC) hit a multi-month low on May 1, with traders losing $500 million due to market instability.

BTC/USD 1-day chart. Source: TradingView

BTC price decline approaches $57,000

BTC price losses increased during the Asian session, with BTC/USD hitting $57,082 on Bitstamp, according to data from Cointelegraph Markets Pro and TradingView.

That marked the lowest level since February and pushed second-quarter losses to more than 20%.

BTC/USD monthly returns (screenshot). Source: Coinglass

U.S. Treasury Secretary Janet Yellen’s hawkish fiscal policy moves combined with legal rulings against cryptocurrency exchange Binance and its founder Changpeng Zhao have contributed to worsening sentiment toward cryptocurrencies in general. I did.

Cointelegraph previously reported on the assumption that liquidity would be boosted by Yellen, who ultimately took steps to achieve the opposite: a setback for risk assets across the board.

“Rather than withdrawing reserves to increase liquidity, Yellen decided to take liquidity out of the market,” financial commentator Tedtalksmacro wrote. reaction At X (formerly Twitter).

“Risk appetite has taken a hit.”

There were warnings about Bitcoin and altcoins even before the decline accelerated, and markets have been shaking since BTC/USD hit an all-time high in mid-March.

Now the key support level is weakening and neither $60,000 nor short-term holders are any more bullish.

“If you have to panic, at least wait for the nearly two-month old support line to break first,” said popular trader and analyst Rekt Capital. said X number of subscribers the previous day.

Investigating the latest events, Charles Edwards, founder of Capriole Investments, a quantitative Bitcoin and digital asset fund, outlined two paths for the BTC price trajectory.

“’Sell in May and leave.’ “To me, this looks like a distribution,” he said. summary In the X post.

“As far as trading below $61,500, scenario (1) is technically more likely. A strong recovery of $61.5K would give bulls some hope for scenario (2). A flush would also be good for the continuation of a bull market. The sooner we get a flush, the better our long chances are.”

BTC/USD chart. Source: Charles Edwards/X

Bitcoin liquidates $160 million in 24 hours

At the time of this writing, 24-hour cryptocurrency clearing amounts to $470 million, according to the latest live data from monitoring resource CoinGlass.

Related: ‘Pretty ordinary stuff’ – Traders seem unfazed by Bitcoin correction

Cryptocurrency liquidation (screenshot) Source: Coinglass

Bitcoin accounted for a total of $160 million, while Ethereum (ETH) accounted for $120 million.

April’s monthly close meant that April 2024 was the worst month since the 2022 bear market, even before BTC/USD fell below $60,000.

This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.