Bitcoin prices took a noticeable dip on Tuesday, experiencing a drop of over 2% against the US dollar in the past 24 hours. This decline follows a 7.8% decrease over the previous week. Trading volumes on spot crypto exchanges have remained low, and in the last day, derivatives exchanges saw $271 million in both short and long positions liquidated.
Market turbulence continues as over 95,000 crypto traders faced liquidation. Bitcoin (BTC) fell to a low of $59,629 on April 30 but quickly recovered and surpassed the $60,000 mark. So far in 2024, BTC has managed to end the day above $60,000 for 61 consecutive days. If it were to close below this level, it would mark the end of its longest-recorded streak above this price point. Data shows that spot trade volumes on various centralized exchanges were lower in April compared to March. Specifically, trading volumes for bitcoin and ether have significantly declined since mid-April.
By 10:40 a.m. Eastern Time on Tuesday, BTC managed to climb back above the $61,000 range. Currently, it is trading between $60,450 and $60,950 as of 9:30 to 10:30 a.m. Eastern Time on April 30, 2024. It contributed approximately $31.43 billion to the total $89 billion global trade volume recorded across the entire crypto economy in the past 24 hours. Ether transactions accounted for about $16.2 billion of this total. Recent data on derivatives liquidations show that $271 million in positions were eliminated yesterday.
In total, 95,167 traders faced liquidation, with the majority being long positions at $212.4 million, and $60.58 million in short positions. Of the long positions, $83.78 million were in ETH, while $66.61 million were tied to BTC-centric bets. As the crypto economy navigates through these uncertain times, the persistent demand for bitcoin, combined with the strategic moves of traders, suggests a cautious optimism. The end of the month may prove crucial in determining the future direction of its long-standing price stability.
In a statement to Bitcoin.com News, Etoro market analyst Simon Peters noted that “crypto price movements were fairly muted last week.” He also highlighted that BTC prices have retreated following net withdrawals from spot bitcoin exchange-traded funds (ETFs). “We’re still waiting for any significant volatility post-halving, however, the longer price stays around these levels, holding above the $60,000 mark, the stronger the narrative could become that support has formed and a move to the upside is more likely,” commented the analyst.
What are your thoughts on bitcoin’s price action on April 30? Share your opinions in the comments section below.
