- Bitcoin was trading 16% below the ATH recorded in March.
- Further declines could be potentially dangerous for the overall market.
Bitcoin [BTC] It fell below $60,000 during U.S. trading hours on Tuesday, extending a series of losses in what has been one of the worst months for the crypto market in recent memory.
bloody april
The world's largest digital asset fell nearly 5% in 24 hours, according to data from CoinMarketCap. As of the end of April, the monthly discount was 14.5%.
As of this writing, the stock is trading above $58,000, down 16% from its all-time high (ATH) set in March.
The recession spread throughout the market, with other coins also trading in the red.
Using Coinglass data, AMBCrypto pointed out that over $36 million worth of positions were liquidated in the past 24 hours, with longs accounting for 85% of the total.
Approximately $107 million in Bitcoin liquidations were observed in 24 hours.
Source: Coin Glass
What is causing the negativity?
The drop followed a weak debut by newly listed spot ETFs in Hong Kong. Trading volume on the first day was only about $11 million, according to data from the Hong Kong Stock Exchange.
That's just a fraction of the numbers the U.S.-based spot ETF recorded when it debuted in January.
US spot ETFs also weren't faring well, with net outflows of $161 million on Tuesday, the fifth consecutive day of outflows, AMBCrypto found using data from SoSo Value.
Additionally, expectations that the U.S. Federal Reserve will keep interest rates on hold at the next FOMC meeting in light of better-than-expected inflation data also prompted traders to pull money from riskier investments.
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What do you expect next?
Shivam Thakral, CEO of Indian cryptocurrency exchange BuyUcoin, spoke about the significance of Bitcoin's current price level in a statement shared with AMBCrypto.
“Bitcoin was retesting the important support zone of $58,000 to $60,000. This zone is very important for the short-term prospects of altcoins. If it loses it, altcoins will fall further.” You may be hit by.”
The increase in FUD may help in the formation of a local bottom. Popular technical analyst Ali Martinez, while reacting to the greedy state of the crypto market, said more fear is needed for a sustained recovery.
