The ten percent decline of Bitcoin, the fixture of the crypto money market, within a week caused panic in the market.
The cryptocurrency market has been on the rise since the beginning of 2023. However, the market is currently experiencing a decline.
“Bitcoin’s Decline is Pretty Healthy and Normal”
After Bitcoin’s rise in 2023, this decline is interpreted as quite healthy. Analysts are trying to calm the community that this decline in Bitcoin is quite normal.
Data from TradingView showed that the BTC/USD pair held the $27,000 level after the Wall Street trading week ended on a bad note.
Unlike the ups and downs in major markets, the direction in Bitcoin has been bearish. After reaching $30,000, Bitcoin dropped to $27,000. However, the strongest support zone in Bitcoin is the $ 25,200 level.
However, BTC/USD fell 10 percent over the week and 4 percent overall in April, amid a dramatic turnaround in fortunes compared to most of the first quarter, according to data from monitoring resource Coinglass.
Twitter popular trader Credible Ctypto wrote in a tweet:
“If your macro thesis about Bitcoin has changed because of the $2K pullback after the vertical rally from $19K to over $30,000, then you are doing it wrong.”
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