After a relatively bullish week trading over $70,000, Bitcoin’s price correction has come as a hurdle towards the crypto token hitting its new all-time highs within April 2024.
On April 12, Bitcoin started going downward, first below $70,000 and trading around $67,000 in the next 24 hours. On April 14, it experienced a sudden and steep decline to almost $61,000, which sent concerning signals to crypto traders. Since then, it has started recovering and climbed above $64,000, an improvement. On the other hand, the global crypto sector is deliberating on the reasons for Bitcoin’s price correction.
Firstly, the effects of the high inflation numbers in the United States negatively affected the stock markets there. These effects could have spilled over to the crypto market, with the impact evident on April 12.
But, the steep decline of April 14 could have happened due to bearish sentiments arising from a geopolitical crisis in West Asia. The likelihood of a military standoff in the region could have made crypto investors cautious.
Nevertheless, the crypto market recovery has been on an upward path since the decline. If investors see a silver lining in the current price valuations and start buying, the crypto market recovery could accelerate. Moreover, since other altcoins have also faced losses, Bitcoin’s dominance has remained high.
BTC/USD 1D price chart
Bitcoin is currently trading at around $64,400 on April 14, 2024, with BTC/USD trading lower by a margin of 4.7% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.26 trillion in the last 24 hours.
BTC/USD is trading above its 20-day EMA (68,120.34), as BTC’s 24-hour volume was at around $58.33 billion. The global crypto market cap decreased by around 7.26%, trading above $2.42 trillion. BTC’s year-to-date returns are at 59.82%
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