Bitcoin (BTC) may not be a concern to analysts due to the recent drop in prices, but it is likely to close in negative early April in six years this week, despite hitting a whole new high two weeks ago.
Data from monitoring source Bybt shows that April 2021 at -8.3% is the worst April for Bitcoin on record and the first loss since 2015.
Bitcoin April like some others
The numbers contrast with March, which is traditionally considered a “bad month” for Bitcoin, but this year, on the contrary, has seen gains of around 30%.
The first quarter also saw three consecutive months of growth – which has not happened since 2013 – 2021 continues to increase Bitcoin’s price dynamics.
Comparing monthly Bitcoin returns. Source: Bybt
At the time of writing, with less than two days left until May, BTC / USD is trading at around $ 54,600 after adding cards to $ 56,200 on rumors that Facebook bought bitcoins in the first quarter. This rumor, despite reaching the mainstream media, has proven unfounded.
As always, Bitcoin’s more popular name was completely inappropriate given the lack of adoption miracles in Facebook’s first-quarter earnings report.
Travis Kling, CEO of Crypto Asset Manager Ikigai, told his Twitter followers: “If you sell bitcoins because Facebook didn’t buy anything in the first quarter and you also think you’re a GMI, I have some sad news for you.”
Ether sparks talk of “reverse correlation”
According to the Cointelegraph report, traders agree that Bitcoin will continue to cool down after six months of epic growth.
During this time, which will continue into the fall, the focus will be on altcoins, which are already returning most of the market value.
ETH, the largest altcoin to reach an all-time high this week, appears not specifically linked to bitcoin in the current environment.
Not only are they not related to each other, which will be zero, but they have entered into the inverse correlation zone, ”noted famous trader Scott Melker, another summary of his Wolf Dean newsletter.
“Note that we have seen a significant rise in ETH / BTC on the downside of BTC.”