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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

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    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

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    SYKY Bridges Digital and Physical Fashion with Apple Vision Pro

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    Somnia Launches Playground App to Empower Metaverse Creators

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    Performance Art Duo Operator ‘Make Movement Collectible’ With NFTs

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    NFT Market Sees $3.91M Volume on OpenSea Amid CryptoPunks’ Dominance

    Courtyard Tops Sales, Doodles Leads in Growth

    Courtyard Tops Sales, Doodles Leads in Growth

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    a new collection of NFT stamps inspired by Mozart and Hedy Lamarr

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    NFT sales drop to $129.8m, Avalanche sales surge 200%

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    Dæmons Taps Orochi Network to Power GameFi with Verifiable On-Chain Data

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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  • Crypto
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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    Enhancing Security in Online Gambling with Blockchain Technology

    Enhancing Security in Online Gambling with Blockchain Technology

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    Blushush by Sahil Gandhi and Ohh My Brand by Bhavik Sarkhedi Partner to Revolutionize Brand Strategy and Personal Branding

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    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

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    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

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    Brain-Computer Interface Market Value, Trends, and Demand Insights | Scope By 2032

  • Metaverse
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    Shib: The Metaverse – Part of the Expanding Shiba Inu Ecosystem

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    Exploring NetVRk: What Is Behind This AI-Driven Virtual Universe?

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    Somnia Launches Playground App to Empower Metaverse Creators

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    NFT Market Sees $3.91M Volume on OpenSea Amid CryptoPunks’ Dominance

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    Courtyard Tops Sales, Doodles Leads in Growth

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    a new collection of NFT stamps inspired by Mozart and Hedy Lamarr

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    Too Early? ‘Networked’ Fashion Label 9dcc Is Shutting Down

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  • Gaming
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    Dæmons Taps Orochi Network to Power GameFi with Verifiable On-Chain Data

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    The Biggest Shutdowns So Far in 2025

    PCM Wallet Announces Collaboration with DegenVerse to Redefine Web3 Gaming

    PCM Wallet Announces Collaboration with DegenVerse to Redefine Web3 Gaming

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    OpenSea Ends Beta, Launches OS2 with Multi-Chain Support, XP Rewards & SEA Token

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    Blockchain And Crypto Are Future of Online Gambling

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    DeepLink Partners with AscendEX to Power Web3 Gaming in Global Markets

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    Why GamStop Players Try Competitive Gaming

    Ethereum Games ‘Realms of Alurya’ and ‘Wonder Wars’ Latest to Go Offline

    Ethereum Games ‘Realms of Alurya’ and ‘Wonder Wars’ Latest to Go Offline

    Real-World Asset NFTs Emerge as the Next Big Crypto Trend in May 2025

    Real-World Asset NFTs Emerge as the Next Big Crypto Trend in May 2025

  • Blockchain
    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

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    Polyhedra Network launches Proof Cloud in open beta

    Polyhedra Network launches Proof Cloud in open beta

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    It’s a Different Sort of Olympics as Cryptographers Face Off in Polyhedra’s ‘Proof Arena’

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    SoonVerse Partners with Arris to Enhance User Experience

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    Metaplex Deploys Product Suite on Sonic SVM, Enhancing Solana’s Gaming Ecosystem

    Space and Time Becomes ZK Coprocessor in Karak’s Ecosystem

    Space and Time Becomes ZK Coprocessor in Karak’s Ecosystem

  • AI
    Bitcoin Miner Bit Digital Diversifies Into AI for ‘Substantially Higher Margin’ Than Mining

    Bitcoin Miner Bit Digital Diversifies Into AI for ‘Substantially Higher Margin’ Than Mining

    ETH Daddy Discusses Ethereum and AI

    ETH Daddy Discusses Ethereum and AI

    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

    ChatGPT is a tad too enthusiastic about Ethereum’s prospects

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    UAE emirate launches new free zone for digital assets, Web3 and AI

    UAE emirate launches new free zone for digital assets, Web3 and AI

  • Guides
    What Is Asset Tokenization? Types, Why It Matters Now [2025]

    What Is Asset Tokenization? Types, Why It Matters Now [2025]

    Key Innovations, Challenges, and What Comes Next

    Key Innovations, Challenges, and What Comes Next

    What Is Crypto Margin Trading? A Beginner-Friendly Guide to Leverage

    What Is Crypto Margin Trading? A Beginner-Friendly Guide to Leverage

    Types, Use Cases and Why They Matter

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    What Is Circulating Supply in Crypto? A Beginner’s Guide to Token Supply

    What Is Circulating Supply in Crypto? A Beginner’s Guide to Token Supply

    The Main Differences Between Crypto Exchanges

    What Is a DEX? How DEXs Work and Why They Matter

    What Is Blockchain? Blockchain Technology Explained for Beginners

    What Is Blockchain? Blockchain Technology Explained for Beginners

    Blockchain Layers Explained for Beginners: L1, L2, L3 Solutions

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  • Analysis
    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

    An SBF Testimony Could Add ‘Decades’ to His Prison Sentence, According to Lawyer – Here’s Why

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    Solana, XRP and One Ethereum Rival Leading Institutional Inflows in 2023: CoinShares Data

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    Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

    Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

    Dogecoin Bull run

    Here’s What Could Trigger the Next Dogecoin (DOGE) Bull Run, According to Crypto Strategist

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    SEC Chair Gary Gensler Standing in the Way of Bitcoin ETFs, Says ARK Invest’s Cathie Wood

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    Top Trader Sees Bitcoin Skyrocketing 570% in Next Bull Market Amid Soaring US Debt Levels

    Top Trader Sees Bitcoin Skyrocketing 570% in Next Bull Market Amid Soaring US Debt Levels

    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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Home Altcoins

Bitcoin’s drop to $58K – The how, why, and what next for BTC’s price

May 2, 2024
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Bitcoin’s drop to $58K – The how, why, and what next for BTC’s price
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CryptoGames now supports Tether (USDT) for deposits and announces partnership with Bitinvestor

Toncoin heats up: What does $398M in trading volume indicate?

  • Bitcoin has recently dipped to $57,770, marking a 21% decline from its peak.
  • There is a shift in BTC Cumulative Volume Delta (CVD) to sell side pressure.

The cryptocurrency market has recently witnessed significant volatility, with Bitcoin leading the downturn. Over the past week, Bitcoin [BTC] has seen a decline of about 21% from its March peak, which stood above $73,000, marking a considerable shift in market dynamics.

As of now, Bitcoin trades at approximately $57,770, continuing its downward trajectory with a slight 0.2% drop in the last 24 hours.

Market mechanics and the role of derivatives

James Check, an on-chain analyst, delved into the factors contributing to Bitcoin’s current bearish phase. In a detailed report, Check pointed out the similarities between the current market conditions and the 2021 crash. Back then, an excessive reliance on leveraged positions in futures contracts led to a sharp and painful correction. 

This scenario seems to be somewhat different today. While there’s a noticeable increase in long-side liquidations, Check observes that the overall futures open interest isn’t alarmingly high compared to the market size, indicating that derivatives might not be the primary driver of the current sell-off.

Instead, Check suggests looking at the on-chain and spot market data for clearer insights. 

He notes a significant shift in the Cumulative Volume Delta (CVD), which has swung into sell-side pressure, indicating that sell orders are outpacing buys by approximately $50 million per day.

See also  Hard To Be “Too Scared Of Bitcoin Price Action,” Says Analyst. Here’s Why

This shift is a reversal from the heavy buying activity that accompanied Bitcoin’s ascent to its all-time high.

The ETF influence and future outlook

The market’s response to the recent ETF activity also sheds light on investor sentiment. Bitcoin ETFs have experienced subdued demand, with notable outflows in recent weeks.

The Grayscale Bitcoin Trust (GBTC) and other ETFs have seen a combined outflow of about $200 million to $330 million, suggesting a cooling interest among institutional investors.

Despite the gloomy current outlook, there appears to be chances of a potential rebound. On the technical front, Bitcoin has broken structure to the downside.

However, on the 4-hour chart, it has encountered a critical support zone, specifically an order block, which historically has led to price rebounds.


Is your portfolio green? Check out the BTC Profit Calculator


Notably, this position could catalyze a temporary rally, allowing Bitcoin to gather more liquidity at higher levels before possibly continuing its descent.

Prominent analysts, including Michael van de Poppe echoes this rally side, suggesting that the market might be nearing a bottom. Van de Poppe highlighted that altcoins are beginning to show strength against Bitcoin, which often precedes broader market recoveries.

Next: Optimism, Arbitrum, and Polygon: Here’s a look at the state of L2s
Tags: 58KBitcoinsBTCsDropPrice

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