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Alright, time for a much belated bi-weekly (ish) check in with Bitcoin and the broader crypto market.
Bitcoin sold off between Wednesday night, dipping as low as $62.8k on Thursday morning, after a bunch of long positions got liquidated.
Translation: once Bitcoin started falling, a bunch of BTC holdings that were bought using borrowed money were automatically sold off to cover each account’s losses.
(And that additional sell pressure only helped to push prices down even further, triggering more position closures, until prices bounced back).
Meanwhile, altcoins followed suit — ETH took a trip from ~$3.3k to ~$3k, while SOL moved from ~$159 to ~$142 — but didn’t bleed out as heavily as they had the last time Bitcoin slipped.
These patterns of higher highs and higher lows that are being traced by most of the top cryptocurrencies indicate that a slow and precarious rebound is being made, after the violent sell-offs between Apr 09 and Apr 19.
That said — we’re not out of the woods yet! Zooming out:
It feels like there’s still a ways to go before the market gets its groove/confidence back — which could well manifest itself in a sideways snooze fest for the next week or so.
And honestly, the crypto markets kinda need a breather. Before this, it’d been up-only for seven months straight.
Here’s to resting up in the hopes of seeing an exciting month of May!
