Bitcoin retraces back to critical monthly all-time high support level from 2021

Bitcoin volition adjacent April down this evening pursuing a drawdown of astir 15% since the commencement of the month. The adjacent of the monthly candle volition people the extremity of 7 successive greenish candles and the extremity of a record-making streak.

Bitcoin monthly candles since 2013 (TradingView)

Bitcoin opened the period with a caller all-time precocious for a monthly candle adjacent astatine astir $71,200. The erstwhile precocious was astir $60,500, acceptable successful 2021 erstwhile Bitcoin traded again arsenic of property time.

Bitcoin monthly candles since 2021 (TradingView)

The intelligence enactment of $60,000 is expected to beryllium an indispensable marker for Bitcoin successful the coming week. Sentiment is waning with the simplification of buying unit from Bitcoin ETFs successful the US and the poor opening of Hong Kong ETFs this morning.

In the past 24 hours, determination person been implicit $300 cardinal successful crypto liquidations, with the bulk coming from agelong positions astatine $257 cardinal and conscionable $58 cardinal from shorts, according to Coinglass data.

Further, Binance, the astir liquid speech for Bitcoin trading, shows important bargain walls of astir $60,000. Over 1,000 BTC ($60 million) of bargain orders are acceptable connected the BTC-USDT brace alone, acceptable to sorb a dip down to that level. However, the wide liquidity wrong the bid publication appears comparatively debased compared to caller times successful this bull run.

Binance Bitcoin bid publication (Coinglass)

With Bitcoin sentiment down and nary aboriginal bullish lawsuit connected the horizon, terms find is apt to beryllium led little by optimism astir aboriginal events and much by the intrinsic worth of the Bitcoin network. US ETF support and launch, the Halving, and present the Hong Kong ETFs person each been done. Bitcoin has seen a meteoric emergence passim the period, with implicit 90% of holders successful profit. Is it clip for profit-taking and Bitcoin to retest little bounds, oregon volition it clasp beardown astatine this cardinal humanities and intelligence monthly support?

The station Bitcoin retraces backmost to captious monthly all-time precocious enactment level from 2021 appeared archetypal connected CryptoSlate.