April was a massive bear trap for the market as bulls consistently failed to protect near-term lower support. Bitcoin prices have fallen nearly 8% over the past trading day, which has caused traders to experience some degree of FUD. Therefore, if BTC price fails to sustain above key support zones, the market is expected to record another bearish weekly close.
The crypto market fell during the last trading day as geopolitical risks hung over the market and risk-off sentiment circulated within the market. While BTC fell to nearly $65,000, Ethereum’s price remained above $3,100 and hovering around 12%. Additionally, altcoins such as Cardano (ADA), Avalanche (AVAX), Bitcoin Cash (BCH), Filecoin (FIL), Aptos (APT), and several other altcoins experienced significant declines of more than 10% Did.
The pullback is believed to have been caused by the month’s largest leverage washout, involving the liquidation of more than $850 million in derivatives across all markets. This resulted in a loss of nearly $770 million for him, which was heavily affected by the recent crash.
In addition to cryptocurrencies, broader markets including gold and the S&P 500 also experienced notable declines. One of the main reasons for the decline is speculated to be geopolitical tensions between Iran and Israel, with a significant renewal expected in the next 48 years. time. This made investors cautious and led to declines in various markets, including cryptocurrencies.
Related article: Ethereum traps aggressive buyers as ETH/BTC ratio drops, causing $100M liquidation
In such volatile situations, sudden reactions may appear, but it is very important to remain calm. Although this is an alarming situation rather than a panic, it can be viewed as a buying opportunity to accumulate promising gems in the cryptocurrency space.
