Bitcoin (BTC) Got The Worst Performance Since FTX Crash With

The cryptocurrency market is now feeling the pressure of the possibility that interest rates will remain high for an extended period. This concern is highlighted by Bitcoin’s massive decline since the FTX crash in November 2022. 

Bitcoin (BTC) saw a decline of nearly 16% in April, as enthusiasm for US spot Bitcoin ETFs fizzled out. This enthusiasm had previously propelled the token to a record high of almost $74,000 in March. 

Today, Bitcoin (BTC) is approaching the $57,000 mark, with its current price sitting at $56,966.72, reflecting a 9.29% decrease over the past 25 hours. This assessment offers a Bitcoin price forecast examining the present market conditions and projecting potential future trends. 

On Tuesday, despite the high anticipation, the introduction of spot Bitcoin and Ethereum ETFs in Hong Kong failed to generate anticipated momentum. On the debut day, the trading volume for both ETFs only reached $12.7 million, a significant figure locally but notably lower than the $4.6 billion achieved by US spot Bitcoin ETF upon its launch in January. 

Bitcoin Price Prediction

As Bitcoin (BTC) price plummets, the technical pivot point for Bitcoin is currently at $61,465. Despite this, the price has encountered difficulty in sustaining itself at this level, encountering immediate resistance at $59,145, followed by additional resistance at $57,035 and $55,055. This suggests the possibility of further downward pressure if Bitcoin is unable to regain higher price levels. 

In support levels, Bitcoin is backed at $63,240, with stronger support observed at $64,650. It’s worth noting that the latter has emerged as a substantial barrier in recent trading sessions, aligning with a descending trend line that has constrained upward movements. 

In this scenario, support levels, conversely, represent prices where Bitocin might find a base, as buyers typically intervene strongly enough to prevent further declines.

ABOUT THE AUTHOR See More

Sophia Cruz

Financial Writer - Asian & European Desks

Sophia is an experienced writer, reporter and newsdesk member, mostly on the financial sectors. For the past 5 years Sophia has covered a wide variety of topics such as the financial markets, economics, technology, fin-tech and trading. Sophia has been a part of the FX Leaders team since 2017 and works on producing valuable content and information for traders of all levels of experience.

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