Bitcoin’s April plunge: On track for worst month since August down 11%
Data from Coinglass shows that Bitcoin is currently facing a challenging month, as it experiences a significant drawdown of over 11.2% in April. So far, this marks the worst-performing month for Bitcoin since August 2023, when it saw a similar drawdown of approximately 11.3%. To find a more severe monthly decline, one would need to look back to November 2022, when Bitcoin experienced a 16.2% drawdown during the FTX collapse.
Prior to this current downturn, Bitcoin had enjoyed a seven-month streak of consecutive gains from September to March.
Bitcoin Monthly Returns: (Source: Coinglass)
However, the recent volatility appears to have potentially halted this positive trend, though with two weeks remaining in the month. CryptoSlate had previously reported on April 4 that daily price drops of around 5% were expected. Since then, Bitcoin has seen significant daily declines, with a 3.5% drop on April 9 and roughly 4% drops on April 12, 13, and 15.
Daily Price Performance: (Source: Glassnode)
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