Bitcoin's April plunge: On track for worst month since August down 11%

Quick Take

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.

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.