After 7 straight green months in a row, BTC formed a red monthly candle for April. BTC is currently trading in a bearish channel, a falling wedge, which although usually breaks out on the upside but can take time before doing so. This happened as Blackrock’s Bitcoin ETF, iBIT, saw its first outflow day with a net $37 million in outflows as all bitcoin ETFs saw more than half a billion dollars of outflow yesterday.
In the last 24 hours, the Federal Reserve of the US also announced its interest rate decision, with the Fed deciding not only to keep the interest rates unchanged but also saw that it is quite unlikely the rate cuts happen anytime soon. This caused the markets to behave negatively.
Even as BTC looks bearish, the layer-2 category crypto were net bullish with Optimism leading the charge with a 7% increase in the price in last 24 hours.
