After adjusting up and down around US$70,000 for a period of time, in April, just 17 days before the next Bitcoin halving, Bitcoin suddenly fell for two consecutive days, and was once close to falling below US$65,000. The decline of Bitcoin has also brought with it other alternative currencies, and the market value of many currencies has shrunk significantly.
Although it fell just after entering April, in fact, from a monthly perspective, Bitcoin has risen for 6 consecutive months, tying the record set in 2012.
Although Bitcoin's correction was not caused by a major negative event, some factors can still be traced if you look closely.
Grayscale GBTC outflows again
Bitcoin ETF outflows appear to be one of the major bearish headwinds once again. On April 1, Grayscale’s GBTC recorded another $302 million in outflows. ETF chief analyst James Seyffart said the figure was "higher than expected." Overall, net outflows from Bitcoin ETFs totaled $85.7 million on Monday, with inflows from products from BlackRock and Fidelity failing to offset outflows from GBTC.
Analysts are not confused by this market pullback, with crypto analyst @CredibleCrypto saying, “This decline is all about testing two logical support levels.”
Long-time crypto and stock investor @CryptoJelleNL says the volatility in crypto markets is designed to make you give up or change your plans. Don't be fooled by this ruse - this bull market isn't over yet.
