Bitcoin (BTC) ended April falling below $57,000, the level at the beginning of March 2024. There may be several reasons for the decline in BTC. Meanwhile, BitBot is transforming retail trading with cutting-edge Telegram bot technology and $3 million raised in its 12th phase, redefining the future of crypto investments.
Why Bitcoin fell below $57,000
On Tuesday, April 30, Bitcoin instantly dropped to $56,700, a level the coin last touched on March 5, 2024. Afterwards, the cryptocurrency corrected to $57 thousand. As of the time of writing this review, Bitcoin is trading at $57,090.
There are several reasons that could have contributed to Bitcoin’s fall. One of them could be a reduction in the premium for BTC futures. The metric reached a five-month low, indicating weakening interest in the coin from investors and a decrease in speculative demand.
The changes come amid news of the launch of spot Bitcoin and Ethereum ETFs in Hong Kong . For many market participants, the start of trading in an instrument has become a sell-the-news signal – a signal to sell, based on the assumption that the cryptocurrency has reached a local maximum.
BTC could also come under pressure from the general mood of market participants. According to analysis from Glassnode , the euphoria around Bitcoin that has been observed in recent months has begun to subside. According to analysts, the changes may indicate that Bitcoin is approaching local minimums.
Could Bitcoin fall even deeper?
Before the 2024 BTC halving , analysts warned of a likely sell-off of the cryptocurrency by miners. CryptoQuant CEO Ki Yong Joo noted that despite the decrease in miners’ income to the levels of early 2023, there are no clear signs of their mass capitulation, which could signal a worsening of the crisis.
However, there are factors that could support or even accelerate BTC’s decline. Forecasts remain uncertain, as much depends on the overall state of the economy, central bank policies towards digital currencies, the geopolitical environment, as well as technological and regulatory changes in the industry.
In particular, we are talking about the decision of the US Federal Reserve System on the key interest rate. The results of the next meeting of the regulator will be announced on May 1, 2024. The US move to lower rates could increase the investment attractiveness of high-risk assets such as cryptocurrency. It is not yet known when the Fed will move to easing monetary policy.
Revolutionizing Telegram Trading with BitBot
In the midst of prevailing uncertainty in the crypto industry, BitBot has emerged as a beacon of resilience, surpassing the $3 million mark in its ongoing token sale. Developed with a vision to democratize institutional-grade trading tools, BitBot aims to empower retail traders and investors through its innovative Telegram bot platform.
Revolutionizing the landscape of retail trading, BitBot integrates advanced features such as sniping and copy trading, typically reserved for institutional players, into an accessible and user-friendly interface. Audited by Solid Proof, BitBot places a paramount emphasis on security, epitomized by its non-custodial nature and the mantra “Your keys, Your wallet, Your assets.”
Bitbot Successful presale
By partnering with Knightsafe, BitBot pioneers the world’s first non-custodial Telegram trading bot, mitigating counterparty risk and bolstering user trust. In addition to its robust security measures, BitBot introduces the $BITBOT token, providing holders with opportunities to generate returns and participate in governance.
With a commitment to innovation and safety, BitBot heralds a new era of retail trading, where cutting-edge technology and user empowerment converge to redefine the boundaries of possibility in the crypto space. BitBot, now in its 12th phase of fundraising, has successfully raised over $3 million, showcasing strong investor confidence in its innovative Telegram trading platform.
