These are the BTC price levels to watch as Bitcoin risks worst April on record
Bitcoin (BTC) sits at a historically important price point for hodlers, but where could it be headed in the coming days?
As the monthly close looms and various countries prepare for the May holidays, traders are mapping out the options — with some surprises.
While Bitcoin market commentators rarely agree on much, one thing is more or less accepted this week — that April's monthly close will be volatile.
Due over the weekend, that volatility has the potential to be exacerbated by a lack of trading volume thanks to markets being off either for the weekend or long weekend.
Even with macro participation, however, the situation would seem not to favor Bitcoin bulls. As Cointelegraph reported, Friday saw major indices, with the notable exception of China, finish in the red.
"Nothing bullish about this candle other than that it’s still above monthly support (but that could change today)," popular Twitter trader Cryptotoad thus summarized as part of his latest update.
April has so far delivered 15% losses on BTC/USD, the worst month of April in Bitcoin's history, data from on-chain monitoring resource Coinglass shows.
BTC/USD has so far managed to avoid a drop below liquidity at around $37,500, but Cryptotoad is not the only one arguing that this could now become a near-term chart focus.
Jordan Lindsey, founder of trading firm JCL Capital, flagged $35,000 as one of what he sees as just two important "big technical levels."
"The only two levels that matter now in Bitcoin. $35k is channel support and below is major technical breakdown. Price is technically bullish since $38k on Feb 4th posted on this account and neutral since $53k breakdown. Everything else has been noise," he told Twitter followers Friday.
Should that drop materialize, it
Read more on cointelegraph.com
