Bitcoin prices have been fairly volatile in the last week, and they appear to have settled above $38,000, although it briefly fell below before rebounding following a surge in interest below $38,000 by Whales.
Bitcoin reached $37,400 and climbed to an intraday high of $38,672 on Bitstamp on May 1st, before settling at $38,387, according to TradingView.
The market has been sideways within the past day with the exception of a small skew movement, but big long orders, the majority of which were entered yesterday, have been liquidated, accounting for 81.6 percent of total liquidations, according to coinglass statistics.
126,199 traders liquidated their futures contracts across the cryptosphere in the last 24 hours, bringing the total amount liquidated to about $340 million.
Bitcoin prices were extremely volatile in April, dropping from an open price north of $45k to close with a more than 17 percent loss, the worst for the month in history, according to Coinglass data.
However, Bitcoin appears to have started May on a good note, having gained more than 2% since the new month began less than 24 hours ago. Whales increasing their bids right below the $38,000 mark on exchanges is likely to have impacted the slight uptick.
Global financial markets, including Bitcoin and the crypto market in general, have reacted to the Fed’s decision to raise interest rates for the first time since 2018 to combat growing inflation.
Bitcoin and the majority of the crypto market have been moving in lockstep with global equities, particularly tech stocks, and have been sharing the perks of global financial market turmoil.
The bulls did not appear to favor from April’s monthly close, and the global stock market’s opening tomorrow, after completing the previous trading week in a sea of red, might reverse today’s gains.
There are no clear clues as to what will happen in traditional markets in the coming months, which will have a huge impact on Bitcoin’s direction, so keep an eye on it and manage your portfolio wisely.