The worst April in Bitcoin history is over; Levels to watch in the new month
The 30 days we have gone through it is the worst April in Bitcoin history, while April has been one of the market’s good months in the past; But for the new month, given the changes we have seen in recent weeks, what will be the price trend and what is the most important price support?
To Report Bitcoin Telegraph, Bitcoin is currently in a very important position in terms of price for the holders of this digital currency. With the closing of the monthly price candle and the beginning of May (May), traders are considering possible options for the new month, and among these forecasts, there are some surprising points.
Bitcoin and digital currency market analysts rarely agree on one thing. However, what everyone was expecting this week was an intensification of price fluctuations on the eve of the closing of the Kendall in April.
As we approach the Gregorian calendar weekend and the early May holidays, the volatility we have seen over the past few days may be exacerbated by the closure of financial markets and declining trading volumes.
The situation in other financial markets is not in favor of Bitcoin, and on April 29 (May 9) most major stock market indices, except the Chinese stock market, fell.
Cryptotoad, a digital currency market analyst on Twitter, said:
A special upside note about Kendall [ماهانه] There is no bitcoin, except that it is still above the support of the past few months (of course, this situation may change today). Next month, Bitcoin support will be at $ 35,000.
During April, bitcoin lost about 15% of its value, and as you can see in the image below, the 30 days that have passed are the worst April in the history of bitcoin.
The Bitcoin market has so far prevented prices from falling below $ 37,500; But like CryptoTod, other analysts expect this level to be broken in the short term.
Jordan Lindsey, founder of JCL Capital, says $ 35,000 is one of the two major pillars of Bitcoin.
Lindsay says:
There are currently only two major levels on the Bitcoin chart. $ 35,000 is the channel support on the Bitcoin chart, and reaching a price below that level is a major setback. As long as Bitcoin maintains its support above the $ 38,000 support formed on February 4, the market will be technically bullish, and as long as the $ 35,000 support is not broken, the market conditions will be neutral. will be evaluated. Other events will not matter.
If the $ 35,000 support continues to be lost, the risk of the Bitcoin price falling to the $ 30,000 target will increase. Analysts have cited the $ 30,000 level as the “final price floor” and expect the Bitcoin market to reach that level by June.
Maintaining current support is the first condition for price recovery
Credible Crypto, another digital currency market analyst on Twitter, نسبت has a relatively upside view and believes that maintaining $ 37,000 support could put bitcoin in a better position.
He said:
If the price maintains its position at the same level, then the market should face a good recovery. As I said before, there are plausible reasons for both falling and rising prices; But given the wave structure of the market, we can put more value on the uptrend scenario. If the $ 37,700 support continues to be lost, we will have to wait for bitcoin to fall to the orange area on the chart at $ 36,000.
