The price of the first cryptocurrency showed a negative monthly trend for the first time since August 2023, falling by 12% in April — from $70,000 to $61,000.
The monthly chart of the BTC/USDT of the Binance exchange. Data: TradingView.The correction of quotations over the past 30 days has become the largest since June 2022, when bitcoin opened the month at a price of about $31,000, and closed at $21,000.
The founder of MN Trading, Michael van de Poppe, identified several factors that indicate the approach of digital gold to the local bottom.
Multiple arguments for a potential bottom to be happening on #Bitcoin.
- FOMC
- Unemployment data
- CZ trial
I think we're close and #Altcoin pairs to be bouncing strongly. pic.twitter.com/KFPUC8uEA7
Among the negative signals, he called: the upcoming Fed meeting on the key rate, unemployment data and the trial of ex-CEO Changpeng Zhao. The expert added that altcoins paired with bitcoin "can jump a lot."
https://forklog.com/news/ottok-iz-spotovyh-bitkoin-etf-prodolzhilsya-chetvertyj-den-podryadCryptanalyst Willy Wu drew attention to the weakening of market sales in the accumulated volume delta (CVD). This indicates a local decline in bearish sentiment.
Finally urgent market sells (CVD) is subsiding, i.e. local bearish regime subsiding.
That dotted line is $59.6k which historically is the line between bullish and bearish regimes. #Bitcoin needs to stay above this. pic.twitter.com/0CKMtwsPTc
In his opinion, the boundary between bull and bear markets runs at the support level of short-term holders around $59,600.
Among the positive points, Wu noted that the "bulls will like" the reduction in stocks of the first cryptocurrency on the exchanges. He also pointed to a decrease in risk signals.
"The crucial time has come. Bitcoin needs to make a decision. Technical indicators indicate a bearish trend. Most of my fundamentals are bullish. Macro—liquidity is likely to solve the issue," the analyst concluded.
The second largest cryptocurrency by capitalization has fallen more than bitcoin over the past day — a decrease of 5.1% against 2.3%.
At the time of writing, Ethereum is trading at $3,010. For a short time, the asset fell to $2,950.
The 15-minute ETH/USDT chart of the Binance exchange. Data: TradingView.A trader under the pseudonym Into The Degenverse drew attention to the RSI indicator in the ETH/BTC pair. It demonstrated a reversal of the downtrend that began in November 2021.
#ETH/#BTC weekly RSI seem to have broken out of a long downward trend line that started in May, 2021. This breakout is combined with a bullish divergence.
This has similarities to late 2019. Right now prices don’t reflect these moves under the hood. Not yet. pic.twitter.com/mg7IAlTcu5
"This breakout is combined with a bullish divergence. It looks like the situation at the end of 2019. So far, prices do not reflect such hidden movements," the user added.
Recall that on April 30, six spot ETFs based on bitcoin and Ethereum officially began trading on the Hong Kong Stock Exchange. According to forecasts by Bloomberg analyst Rebecca Sin, within two years, the inflow of funds into this category of products could reach $ 1 billion.
Earlier, the experts of Santiment concluded that a decrease in transaction fees on the Ethereum network to a six-month low ($ 1.12) may indicate the approach of the altseason.