Quick take
April was a turbulent month for Bitcoin, with its price trading around $70,000 at the start of the month before encountering a series of challenges that took it to a local low just below the 60,000 mark $.
Despite almost four days remaining in the month, Bitcoin is currently trading at around $64,000.
The month started with a approximate score, as the conclusion of the US tax season led to a potential Bitcoin sell-off. Economic difficulties have worsened the situation, notably a surge in the price of gold, inflation higher than expectedAnd rising yieldsleading to a momentary pause in risky assets.
Geopolitical tensions in the Middle East also worsened the situation, leading to negative consequences financing rate in BTC for the first time since late 2022. These headlines continued to weigh on the price of the flagship crypto, contributing to its decline.
Additionally, ETF inflows have started to decline, with BlackRock IBIT collections ceasing for two consecutive days while GBTC outflows persisted. The anticipation surrounding the halving event, typically a long-term bullish factor for Bitcoin, has added to the uncertainty in the area. short termparticularly with regard to transactions costs and mining activities.
Additionally, the US Government Sale of 1,999 BTC added to the bearish news while a significant volume of liquidations has been observed in Bitcoin.
Despite these challenges, Bitcoin's resilience shines through, as it is only down about 11% for the month. Bitcoin had reached seven consecutive months of earningsleaving observers wondering if it could achieve an eighth consecutive month of unprecedented growth.