Bitcoin Drops, Finds Strong Rejection from $68,000: More Losses Incoming?

Bitcoin is fast-dropping, looking at the performance in the daily chart. As it is, BTC/USD could slip to $60,000

Written by: Dalmas Ngetich • Thursday, April 25, 2024 • 1 min read

Bitcoin is trading lower at press time, looking at the performance in the daily chart. Even though there were hints of strength earlier this week, prices are fast crashing post-Halving. The concerning drop means the coin was strongly rejected by the April 13 highs and the middle BB. Subsequently, prices will likely fall, aligning with the decline of April 13—the anchor bar. As it is, sellers are in control, and the coin may retest at the $60,000 level if there is no intervention from bulls.

Thus far, Bitcoin is under pressure, slipping 4% in the past day but up 6% in the last week. The coin is only up due to gains from the weekend. Though buyers are upbeat, it needs to show from engagement. The average trading volume on the last day is up 28% to $31 billion. At this level, it is lower than the averages of mid-March 2024.

Bitcoin daily chart for April 25

The following Bitcoin news events are worth watching:

Outflows from GBTC are decreasing while inflow, though decelerating, continues, as data of the past few trading days show. If GBTC continues offloading few coins, BTC might recover if inflows expand more than they have in the past few days.
Spot Bitcoin ETFs in Hong Kong will go live next week or on April 30. Experts note that fees are lower than expected, a massive boost for interested institutions and high net-worth investors. If these products pick up as those of the United States, BTC prices would likely spike.