Bitcoin’s Recent Dip: Consolidation or the Start of a Downtrend?
Bitcoin [BTC] recently experienced a significant drop, falling below the $80k mark on April 6th and reaching $74.5k by April 7th. This decline has raised concerns among investors and analysts alike, as the bearish market structure was further reinforced by the breach of the recent lower low at $78.6k. The absence of a clear bottom formation suggests the potential for a new swing low, leaving the market in a state of uncertainty. However, clues from the liquidation heatmap indicate that Bitcoin might enter a period of consolidation before any decisive movement. As the leading cryptocurrency, Bitcoin’s resilience is being tested, and its next steps will be closely watched by the global markets.
Bitcoin falls below $80k: Consolidation or drop?
Bitcoin [BTC] fell below the $80k mark on April 6th and reached $74.5k on April 7th, sending shockwaves across the global markets. The bearish market structure was reinforced when the recent lower low at $78.6k was breached on April 7th. The price has not formed a bottom and bounced, hinting at a potential new swing low. Bitcoin could consolidate for some time, based on clues from the liquidation heatmap. The leading crypto can not be called resilient at this time, and it might already be in a bear market. Michael Saylor’s Strategy remained inactive during the recent major dip.
Bitcoin Price Crash: Analyst Reveals Key to Reject Bearish Hypothesis
Bitcoin’s bullish momentum has unraveled since failing to hold above $100,000 earlier this year. The crypto has traded between $75,000 and $79,000 in April amidst weakening bullish prospects and pressure in traditional markets, especially equities. Crypto analyst Tony Severino noted that a major move could invalidate an extended bearish momentum, highlighting an important LMACD inflection point.
Bitcoin Rallies After Trump Pauses Tariff
Bitcoin price started a fresh increase above the $80,000 zone and is now consolidating gains. The price broke above a key bearish trend line with resistance at $78,800 and is trading above $80,500 and the 100 hourly Simple moving average. BTC could start another increase if it clears the $83,500 zone. The price jump was significant, with Bitcoin gaining pace for a move above the $78,500 and $80,000 resistance levels after forming a base in the $74,500 zone.
Bitcoin whale shifts 1,220 BTC off Kraken – Potential price bounce?
A notable on-chain movement of 1,220 BTC (worth over $94.5 million) was transferred from Kraken to an unknown wallet. Such massive whale transactions often precede volatility spikes, signaling a potential shift in market sentiment. Bitcoin continues to hover below the psychological $80,000 resistance, an area that may define the direction of the next major move. Latest on-chain data shows around 73.53% of Bitcoin holders are in a more optimistic position compared to earlier bearish sentiment.
Bitcoin Ownership Patterns Shift Amid Price Correction
Bitcoin is currently trading at $76,899, marking a 3.7% decline in the past 24 hours and a 29.4% drop from its all-time high above $109,000 recorded in January. After falling below $80,000 on Sunday, the digital asset has struggled to reclaim upward momentum, reflecting persistent selling pressure in the broader crypto market. While price action continues to dominate headlines, on-chain data reveals deeper shifts in market dynamics. A recent analysis highlights a notable transition in Bitcoin ownership patterns, identifying structural changes between short-term and long-term holders.
Pakistan Plans to Utilize Surplus Electricity for Bitcoin Mining
Pakistan is reportedly planning to allocate its excess electricity to Bitcoin mining and AI infrastructure. The move comes days after appointing Binance founder Changpeng Zhao as strategic crypto advisor. Bilal Bin Saqib, the Crypto Council’s head and advisor to the finance minister, said that the country has been in talks with several Bitcoin mining firms. The location of the Bitcoin mining centre will depend on the availability of surplus power in some regions. Pakistan is in the top 10 global crypto adopters despite it not being regularised, with 15-20 million crypto users. The country aims to foster fintech innovation and growth through regulatory sandboxes and SAFE environments for testing.
