Bitcoin, the leading cryptocurrency, spent April with declines. If the price cannot rise, BTC will have its worst close since November 2022 with a monthly close of over 12%.
In addition, as Bitcoin prepares to close April with a decline, it will also break its 7-month winning streak.
At this point, while BTC started the week with a decline, today it continued its downward trend and fell below $ 62,000.
Il Capo of Crypto, who is known for his bearish views and is frequently criticized by investors with his bearish comments, made an evaluation after the recent decline in Bitcoin and the general cryptocurrency market.
Accordingly, il Capo, who listed the important events that will occur this week, stated that these events had an impact on the BTC price and said that he expected the decline to continue up to 57,000-59,000 dollars.
Il Capo stated that “spot Bitcoin and Ethereum ETFs launched in Hong Kong, Eurozone CPI rates, CZ decision and FED interest rate decision” will affect the BTC and cryptocurrency market this week.
Pointing out that there was a “sell the news” phenomenon after the BTC and ETH ETFs launched in Hong Kong, il Capo shared the critical points to follow in Bitcoin and Ethereum.
“Bitcoin is still trading in the $73,000 to $60,000 range. Liquidity remains above/below that.
In my view, the next move should again reach the lower range $57,000 to $59,000 on BTC and $2,700 to $2,800 on ETH.
“When BTC and ETH reach these levels, the reaction there will be very important.”
Overview for this week
Today:
-HK spot #Bitcoin and #Ethereum ETF trading officially live (sell the news so far)
-Eurozone CPI
-CZ's sentenceTomorrow:
-Fed Interest Rate Decision
-FOMC $BTC still trading within the $73k-$60k range. Liquidity resting below/above it. In my…— il Capo Of Crypto (@CryptoCapo_) April 30, 2024
*This is not investment advice.
