was down 13% on the weekly charts and traded below $55K. This week’s dump erased most of the significant gains made in Q1 after the US spot BTC ETF approval.However, crypto hedge fund Capriole Investments founder Charles EdwardsBTC has lost nearly $20K from its March peak of $73.7K to recent lows of $53.4K. That’s about a 26% decline.
However, per Edwards, this might not be the case for BTC. As such, the $50K psychological level could be a key target to watch.Interestingly, the negative market sentiment was linked to Mt. Gox and German Bitcoin sell-offs, per market observers.the sell-offs as a great way of clearing the pending supply overhang for an even greater tailwind in Q3 2024.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: