Bitcoin Slump in April Marked as Worst Since 2023, Bitcoin Bears on the Edge

By: Eva Baxter

Quick Take

As per the data from Coinglass, Bitcoin is currently experiencing a severe downturn of over 11.2% in April, marking the worst performing month for Bitcoin since August 2023. Viewing a similar decline of approximately 11.3% at that time. To encounter a more drastic monthly downturn, we would have to recall November 2022, when Bitcoin experienced a 16.2% plunge during the FTX crash. Prior to this downturn, Bitcoin saw a seven-month streak of progressive gains from September to March.

On the other side, prominent analyst Crypto Rover warns the Bitcoin bear market about a potential $3 billion short liquidation event on a specific price hike. The crucial price peak is the $71,600 region where the short liquidation would happen.

Moreover, interestingly, the crypto market is currently in a turbulent phase as marked by sharp price movements and heightened trading activity. It is noteworthy that Bitcoin experienced a dramatic decline over the weekend, its price dropping low to around $62,000. Coinglass's data reveals that in the past 24 hours alone, 89,151 traders have been liquidated, resulting in a total loss of $266.10 million.

Despite the uncertainties and turbulences, the adoption of Bitcoin is growing both in the retail and institutional market, as Hong Kong regulators have recently granted provisional approval to launch spot Bitcoin and Ethereum exchange-traded funds (ETFs). Renowned Crypto analyst Willy Woo has made optimistic predictions about the positive effects of ETFs on the Bitcoin market.