Bitcoin price slides to local low below $38,500

On Monday, April 25, bitcoin prices touched a local low. At one point the price reached $38,250 (Binance).

The decline was accompanied by liquidations of about $300 million on the futures market, according to Coinglass.

According to CoinGecko, bitcoin lost 3.2% over the past 24 hours. As of writing, the digital gold was around $38,620.

Ethereum fell by 4.3%. Among the top 10 by market cap, Polkadot (DOT) and XRP declined the most, by 7.9%.

Michael van de Poppe noted that bitcoin is at a “decisive level.” In his view, a break lower would send BTC to $36,000.

#Bitcoin back on this crucial level here.

Losing this -> $36K seems next. pic.twitter.com/rLAuhvF1Cz

— Michaël van de Poppe (@CryptoMichNL) April 23, 2022

Earlier, Mark Newton of Fundstrat, whose words Bloomberg cites, said he expected a pullback to $36,300.

“A break of this level should lead to a full retest of the $32,950 level without any problems,” he noted.

As of writing, the Crypto Fear and Greed Index had risen to 23 points. On March 28, market sentiment was the opposite.

Arcane Research analysts have found that Bitcoin’s correlation with tech stocks has reached its highest level since July 2020.

BitMEX co-founder Arthur Hayes called a likely drop in digital gold to $30,000 by the end of the second quarter amid the Nasdaq decline.

The other view is from Antoni Trenchev, head of Nexo — he forecast bitcoin to rise to $100,000 within a year.

In April, Glassnode said the process of redistributing coins from speculative investors to hodlers had ended and allowed Bitcoin to test a bottom.

Subscribe to ForkLog’s channel on YouTube!