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Bitcoin Slides as Market Struggles, Analysts Warn of Extended Sideways Movement

Bitcoin experienced a decline leading up to the Wall Street opening on April 26, with prevailing trading conditions restraining bullish momentum.

According to data from Cointelegraph Markets Pro and TradingView, BTC retraced from its peak of $65,300 to the daily close.

The market remained ensnared within a stubborn trading range, influenced by problematic macroeconomic indicators and underwhelming performance from US spot Bitcoin exchange-traded funds (ETFs).

These ETFs witnessed net outflows exceeding $200 million the previous day, dampening what initially seemed a promising week start.

James Seyffart, an ETF analyst at Bloomberg, highlighted the downturn, noting, “5 ETFs saw outflows for a total of -$217 million. Franklin was the only ETF with an inflow at $1.9 million.”

As a subdued sentiment pervaded the crypto sphere, some observers speculated on the prolonged absence of a clear Bitcoin price trend.

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However, Michaël van de Poppe, founder and CEO of trading firm MNTrading, countered this narrative, foreseeing substantial divergence in altcoins leading to anticipated gains.

He remarked, “Bitcoin is still stuck in a range. I don’t think we’ll see much happening from here for the coming 3-6 months. Slow sideways, perhaps a grind. Expecting way more from Altcoins.”

On April 26, Bitcoin’s dominance in the overall crypto market stood at 55%, down from its recent peak of 57% on April 13 — the highest level in two years.

Meanwhile, renowned trader and analyst Rekt Capital, monitoring BTC price performance post-block subsidy halving, set a two-week timeframe for any significant downturns.

He cautioned, “In this cycle, Bitcoin has entered the Post-Halving ‘Danger Zone’ (purple) and is very near the Range Low.

“If additional downside volatility below the Range Low is to occur, it would be during these upcoming two weeks.”

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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