The cryptocurrency market closed the month of April with few changes
Despite the turbulent scenario that the Fed has been generating so far this year with the now recurrent upward adjustments in interest rates, the cryptocurrency market in these first 4 months has shown signs of recovery, this if we take into account the rebound in prices experienced by the main cryptocurrencies by market capitalization.
In the specific case of Bitcoin, it opened the year 2023 in the $16,000 area and steadily consolidated the $28,000 area, even reaching $30,000 in the second week of April.
However, the cryptocurrency market closed the month of April with few changes and in the midst of a market that is trying to analyze the consequences of the banking crisis that the United States of America is going through.
Experts believe that these meager changes reveal exhaustion in the price action, implying that the market may experience significant pullbacks in May before resuming the bullish projection.
When I say that we are likely to have significant pullbacks, I say this because if we have indeed entered a bullish channel it is most logical that the market will correct to consolidate buying zones, as cryptocurrencies certainly continue to show a strong uptrend since the beginning of 2023.
Let's remember that as it has been disclosed, April was a very positive month for most cryptocurrencies, in the case of Bitcoin it reached its second month of the year with the highest performance, with 22.96%, being January the one that so far surpasses it with a performance close to 40%.
SOURCES CONSULTED
Ambito Cryptocurrencies close April: which were the best and worst performers?. Link
OBSERVATION:
The cover image was designed by the author: @lupafilotaxia, incorporating image: Coingecko
I'm waiting for this Wednesday, that's all I can say 🙂
It will largely define the performance of the entire market, traditional or otherwise, over the course of the year.
But despite all the disaster of last year, the bankruptcy of some famous exchanges, this year has been good, but we still have a lot to define.
Hello friend @josevas217
Yes, the data presented by the FED this coming Wednesday will mark a path of what can happen with the cryptocurrency market. As for the current pullback that cryptocurrencies have been experiencing, it is somehow to take for granted a very likely further adjustment in interest rates.
Best regards, be well.
well, this is a welcome news and just like you said, i hope the bull run continues in May
Hi @lebey1
Let's hope that the bullfight will start in May, the conditions or descenlaces are being given for it.
Best regards, be well.