Worst month since 2022 bear market? 5 things to know in Bitcoin this week

Bitcoin (BTC) heads into the April monthly close on an uncertain footing as BTC price action falls to ten-day lows.

The largest cryptocurrency continues to tread water beneath significant resistance levels after a week of sustained selling during Wall Street trading hours.

Macro and geopolitical instability have added to what has become a potent mixture for Bitcoin bulls to grapple with this month — can they turn things around?

The April candle close has just days left to avoid becoming Bitcoin’s worst month of 2024 so far.

The immediate landscape remains problematic — seller interest between spot price and new all-time highs is considerable, and while price discovery is only around $12,000 away, such levels seem firmly out of reach.

Market observers are thus looking the other way — to key areas of support should downside pressure keep piling on.

Optimists argue that BTC/USD is merely ranging, meanwhile, and that time will produce a bull market continuation of the sort enjoyed in Q1.

Its comeback may be helped by a dose of deja vu this week — less than four months after the United States, Hong Kong is set to launch its own spot Bitcoin exchange-traded funds (ETFs).

Cointelegraph takes a look at these key topics and more in the weekly rundown of all things BTC price-related.

Bitcoin risks worst month since November 2022

The weekly close provided little respite for battered Bitcoin traders as BTC/USD continued dropping into the Asia session.

BTC/USD 1-hour chart. Source: TradingView

Hitting lows of $61,943 on Bitstamp, per data from Cointelegraph Markets Pro and TradingView, the pair thus saw its lowest levels since April 19.

The week prior, relief bounces toward $65,000 had repeatedly encountered selling pressure around the Wall Street open which commentators including popular trader Skew attributed to U.S. automated trading algorithms.

“I do see the potential for longer crab between $67K – $58K till proper flow supported breakout,” he continued in fresh analysis on X (formerly Twitter) on April 29.

Bears have so far failed to keep the market below $60,000 for long. Even at current levels around $62,000,…

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