Bitcoin is currently at a crucial price level, sparking curiosity about its future direction in the coming days.
As the month wraps up and countries gear up for May holidays, traders are speculating on potential outcomes, which may hold some surprises.
The Significance of $35,000
Despite differing viewpoints among Bitcoin market commentators, there is a general consensus that April’s end could be met with considerable volatility.
This volatility, expected over the weekend, might be intensified by lower trading volumes due to market closures for the weekend or extended holidays.
Despite overall market participation, the Bitcoin bulls might face a challenging scenario. Last Friday saw major indices end on a negative note, except for China, as highlighted by Cointelegraph.
One popular Twitter trader, Cryptotoad, expressed concerns in his recent update, stating,
“Next monthly support at $35k.”
April has brought about a 15% decline in BTC/USD, making it the worst April in Bitcoin’s history, based on data from monitoring resource Coinglass.
BTC/USD has managed to stay above the $37,500 liquidity level so far. However, many analysts, including Jordan Lindsey from JCL Capital, emphasize the importance of monitoring the potential drop to $35,000 as a critical chart point.
Lindsey mentioned, “The only two levels that matter now in Bitcoin. $35k is channel support and below is major technical breakdown.”
If such a drop occurs, Bitcoin could approach the worst-case scenario target of $30,000, projected to be a significant level to reach by June.
Possibility of “Decent Relief” Amidst Price Retention
On a more positive note, trader Credible Crypto believes that Bitcoin’s ability to stay above $37,000 positions it favorably.
Credible Crypto tweeted,
“If we can hold here we should see some decent relief.”
He also mentioned, “As per my last update I can see valid arguments for both but give the edge to the bullish scenario due to wave structure.”
As of the current moment, with around 12 hours left until the monthly close, BTC/USD is trading at $38,600.
The opinions expressed in this article are solely those of the author and do not represent the views of Cointelegraph.com. Every investment decision involves risks, so it is essential to conduct your own research before making any financial moves.
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