TL; DR
Full story
Okay, time for a much belated biweekly(ish) check-in with Bitcoin and the broader crypto market.
Bitcoin sold off between Wednesday evening and fell to a low of $62.8k on Thursday morning after some long positions were liquidated.
Translation: Once Bitcoin started falling, a number of BTC shares purchased with borrowed money were automatically sold to cover each account’s losses.
(And that extra selling pressure only caused prices to fall even further, leading to more position closings until prices bounced back).
Meanwhile, altcoins followed suit – ETH traveled from ~$3.3k to ~$3k, while SOL went from ~$159 to ~$142 – but didn’t bleed as heavily as the last time Bitcoin slipped.
These patterns of higher highs and higher lows followed by most of the top cryptocurrencies indicate that a slow and precarious recovery is taking place, after the violent sell-off between April 9 and April 19.
That said, we’re not out of the woods yet! Zoom out:
It feels like there’s still a way to go before the market gets its groove/confidence back – which could manifest itself in a sideways snoozefest over the next week or so.
And honestly, the crypto markets need a bit of a breather. Previously it had only been active for seven months.
Here it is to rest in the hope of an exciting month of May!