Bitcoin Struggles to Maintain $60K Level

Bitcoin, the world’s leading cryptocurrency, has seen its prices dip by more than 2% in the last 24 hours, testing the resilience of the $60,000 mark that it had admirably defended over the past two months. This recent pullback is part of a 7.8% decline observed over the last week, stirring concerns among investors and traders.

The cryptocurrency market has been relatively quiet in terms of trading activity. Spot crypto exchanges recorded lower global trading volumes, culminating in $271 million worth of liquidations on derivatives exchanges within a single day. This has reflected the cautious sentiment prevailing in the market following an extended period of price stability.

In a noteworthy show of resilience, BTC dipped to a low of $59,629 on April 30 but quickly regained strength, rebounding above the $60,000 level. Remarkably, Bitcoin has closed above $60,000 for a record 61 days in 2024, signaling strong support at this level.

April’s trading volume data from various centralized exchanges revealed a lower appetite among traders, with both bitcoin and ether seeing reduced activity compared to March, especially since mid-April. At a more granular level, between 9:30 to 10:30 a.m. Eastern Time on April 30, BTC traded between $60,450 and $60,950, representing a contribution of approximately $31.43 billion to the total $89 billion global trade volume over the past day. In contrast, ether accounted for roughly $16.2 billion of that total trade volume.

Liquidations have hit a substantial number of traders, with 95,167 affected—predominantly those in long positions, which saw $212.4 million liquidated. Short positions suffered less, with $60.58 million in liquidations.

Market analysts like Simon Peters observed that last week’s crypto price moves were relatively subdued and that Bitcoin’s retreat can partly be attributed to net withdrawals from spot bitcoin exchange-traded funds (ETFs). But even amid these pressures, cautious optimism prevails in some quarters of the market. There is an enduring demand for bitcoin that suggests potential upside movements, particularly if BTC sustains its hold above $60,000.

As the month draws to a close, many eyes will be on the price of Bitcoin. The currency’s stability—and future trajectory—in the immediate term may well hinge on whether it can maintain the critical threshold it has set over these last two months. Despite the challenges, Bitcoin’s loyal base and its proven resilience are reasons for investors to watch this space closely.

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