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Bitcoin could mark its worst month since November 2022

Bitcoin could mark its worst month since November 2022

Experts maintain that, for Bitcoin, the immediate outlook remains problematic and that April has only a few days to avoid becoming a bad month.

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This Monday, 9 days after having experienced its fourth halving, Bitcoin (BTC) It accumulates a drop of 5.3% in its value in the last seven days and 1.5% in 24 hours. Thus, it is listed at around US$62,500.

While, Ethereum It stands at US$3,171, loses 3.6% in one day and breaks with the stability it maintained in the last week, a period in which it had marked a decrease of 0.9% but is positioned above the u $s3,000.

The halving alone was not enough to drive a sustained uptrend in the near term and remains stuck below significant resistance levels after a week of sustained selling during Wall Street trading hours. For now, Bitcoin remains close to support levels, which is between US$60,000 and US$58,000.

What to expect for Bitcoin

From Cointelegraph, they point out that the immediate outlook remains problematicmacro and geopolitical instability make crypto experts warn that the end of April has only a few days to avoid becoming the worst month so far in 2024.

The data indicates that This could be Bitcoin’s worst performing month since November 2022, when was the height of the last bear market. And this week the interest rate decision by the United States Federal Reserve (Fed) is approaching.

The market fears that The lowest rates arrive later than anticipated at the beginning of the year. On the other hand, like the United States in January, Hong Kong is about to open the doors to Bitcoin ETFs and that could lead to an increase in liquidity and possibly stabilize prices.

BesidesBTC spot exchange-traded funds (ETFs) have seen significant net outflows, which raises uncertainty about its future. The correlation between the prices of these ETFs and inflows has decreased, suggesting that investors are paying more attention to macroeconomics rather than cryptocurrency market movements.

Source: Ambito

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