Bitcoin Is Flat, Bears Pressing and Targeting $60,000

Bitcoin is flat at press time but remains within a bearish formation, struggling against a wave of selling pressure

Dalmas Ngetich•Thursday, April 4, 2024•1 min read

Bitcoin remains within a bearish formation when writing. Of note, bulls couldn’t rewind losses of April 2 and currently remain under pressure from resilient sellers. Even though the upside remains from a top-down preview, the 6% slump in the past week, coupled with the drop on April 2, swings price action to favor sellers.

At spot rates, Bitcoin is relatively stable in the past trading day. In the previous week, the coin is down 6%. With traders playing safe, associated trading volume is also down 29% in the past 24 hours. Unless there is a confirmation of recent losses, participation will likely remain suppressed.

Bitcoin daily chart for April 4

In the next 24 hours, the following Bitcoin news event might influence sentiment:

Asher Genoot, the CEO of Hut 8 Mining, thinks the upcoming Bitcoin halving event will be on a “different scale.” With rewards dropping, the executive says operators need to develop ways of streamlining costs and remaining lean.
In March 2024, spot Bitcoin ETFs attracted over $111 billion in trading volume, nearly 3X that of February. It remains to be seen whether this momentum will continue in April, considering the slowdown in the BTC upside momentum.