Bitcoin has struggled within the previous six months. BTC’s sluggish performance kept most alts subdued. Moreover, the world’s dominant crypto has led the overall market down as all its recovery attempts encounter rejections almost immediately. The previous 30 days illustrate such developments.
Bitcoin Price Action
April remains the only month in 2022 to mark consistent downtrends on the charts. Such actions saw Bitcoin losing more than 20% within a month. The bellwether crypto plummeted from the $47,459 local high to the $37,926 low. Though BTC flashed some recovery actions at this publication, bears remained dominant.
Meanwhile, some altcoins suffered more than Bitcoin. The broad market downbeat severely hit alts such as Chainlink, Cosmos, Polygon, Avalanche, Polkadot, and Cardano. Most of these currencies saw plummets of more than 30% over a month.
Also, April saw the 2nd-largest phase that had had the cryptocurrency market in the “extreme fear” in 2022. The last time such instances dominated the market was in January.
Hopes of BTC recovering and staying inside the ascending channel seem to fade as the crypto could not overturn the $23.6% Fibonacci area into a foothold. The bellwether crypto saw an extended drop to the crucial support barrier at $37,613.
The Metrics Front
Market participants were cheery about the late March peaks helping BTC extend its upward movements. Nevertheless, the optimism seemed to disappear at this publication. Furthermore, investors in the chain have seen staggering losses amounting to $808 million.
While writing these lines, more than 40% of all BTCs remained in losses. The crypto sustained such conditions back in April 2020 before the leading crypto launched its bullish run.
The previous bull cycle had Bitcoin surging 891.94% to hit the ATHs at $64.8K. The asset is yet to challenge the intensity of this rally.
Though most individuals may want this month to indicate a bullish rally, unfortunately, that will not happen. Nevertheless, repeating the 891% hike would see BTC exploring the $372,140 mark from its current price range.
What are your thoughts about the above narrative? Feel free to leave your replies in the comment area below.