{"id":218369,"date":"2021-04-03T17:00:00","date_gmt":"2021-04-03T14:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/heres-why-april-may-be-the-best-month-yet-for-bitcoin-price\/"},"modified":"2021-04-03T17:00:00","modified_gmt":"2021-04-03T14:00:00","slug":"heres-why-april-may-be-the-best-month-yet-for-bitcoin-price","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/heres-why-april-may-be-the-best-month-yet-for-bitcoin-price\/","title":{"rendered":"# Here&#8217;s why April may be the best month yet for Bitcoin price"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3bbfcd254c5\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3bbfcd254c5\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/heres-why-april-may-be-the-best-month-yet-for-bitcoin-price\/#Dollars_share_of_global_reserves_is_dropping_fast\" >Dollar&#8217;s share of global reserves is dropping fast<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/heres-why-april-may-be-the-best-month-yet-for-bitcoin-price\/#Miners_appear_to_be_accumulating_Bitcoin\" >Miners appear to be accumulating Bitcoin<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Here&#8217;s why April may be the best month yet for Bitcoin price <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>The U.S. dollar is starting to weaken once again as sellers are pushing the U.S. Dollar Index (DXY) downward, which could strengthen the momentum of Bitcoin (BTC) in the near term.<\/p>\n<p>Alternative assets like Bitcoin and gold are priced against the dollar. Hence, when the DXY starts to drop, it often causes BTC to rally against the dollar.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-04\/3a28012f-867b-4327-926b-2a08d1940921.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD (orange) vs. DXY (green). Source: Tradingview<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Dollars_share_of_global_reserves_is_dropping_fast\"><\/span>Dollar&#8217;s share of global reserves is dropping fast<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>According to Holger Zschaepitz, a market analyst at Welt, the U.S. dollar&#8217;s share of global reserves is rapidly declining as countries like Russia are pursuing a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.kitco.com\/news\/2021-03-29\/Russia-s-National-Wealth-Fund-piles-into-gold.html\">de-dollarization strategy<\/a>\u00a0and opting for gold.<\/p>\n<p>When the pandemic was declared in the first quarter of 2020, the demand for the dollar increased as investors fled to cash because it is the global reserve currency.<\/p>\n<p>However, due to various factors including the presidential election and the negative outlook on COVID throughout last year, the dollar struggled to outperform other currencies like the Japanese yen and the Swiss franc.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-04\/def85d84-cf6e-4824-96f7-0f25407be6bd.jpeg\"><\/figure>\n<p>Zschaepitz <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Schuldensuehner\/status\/1378301448669310987\">said<\/a>:<\/p>\n<blockquote><p>&#8220;OOPS! Dollar in decline. While Dollar\u2019s share of global reserves initially increased at start of pandemic, it has since decreased &amp; now stands at just 59%\u20141.5pp decline QoQ &amp; lowest since 1995. Part of decline due to depreciation, but also due to active USD selling.&#8221;<\/p><\/blockquote>\n<p>If the decline of the U.S. dollar continues, there is a strong probability that Bitcoin will continue to rally in April.<\/p>\n<p>Historically, April has been a strong month for Bitcoin throughout the past ten years, recording positive gains for five consecutive years since 2016.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">April is a good month for <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a><br \/><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/3csQMSdcaA\">pic.twitter.com\/3csQMSdcaA<\/a><\/p>\n<p>\u2014 Bitcoin Archive  (@BTC_Archive) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/BTC_Archive\/status\/1376490742336602117?ref_src=twsrc%5Etfw\">March 29, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Additionally, Danny Scott, the CEO of the Bitcoin exchange CoinCorner, said that the law of averages puts Bitcoin at $83,000 in April. He <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CoinCornerDanny\/status\/1375736088149512193\">wrote<\/a>:<\/p>\n<blockquote><p>&#8220;Law of averages gives #Bitcoin an $83,000 price target for April. Avg over 10 years in April +51%.&#8221;<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"Miners_appear_to_be_accumulating_Bitcoin\"><\/span>Miners appear to be accumulating Bitcoin<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Atop the favorable macro factors for Bitcoin, Lex Moskoviski, the CIO at Moskoviski Capital, pinpointed that miners recently began ramping up their BTC holdings.<\/p>\n<p>On a single day, miners added 4,380 Bitcoin, which the quantitative trader and investor described as a growing trend. He <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/mskvsk\/status\/1378071250132725763\">said<\/a>:<\/p>\n<blockquote><p>&#8220;Miners started really ramping up their positions. 4,494 #Bitcoin stacked today on aggregate.\u00a0Another 4,380 #Bitcoin stacked by miners yesterday. Looks like a trend, indeed.&#8221;<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-04\/a555f1da-b2c1-4201-a752-0eda280232e6.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>BTC miner net position change. Source: Glassnode<\/em><\/figcaption><\/figure>\n<p>When miners sell their holdings, Bitcoin typically sees a pullback as it can cause heavily leveraged orders in the futures market to see cascading liquidations.\u00a0<\/p>\n<p>If miners are hoarding Bitcoin and stacking BTC with the expectations that the cryptocurrency will <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>reciate, it reduces the probability of a severe sell-off in the foreseeable future.<\/p>\n<p>In the near term, whether Bitcoin remains above the $58,000 support area remains key. If it continues to consolidate above it, the chances of it seeing a strong breakout above the $60,000 resistance level greatly increases.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/here-s-why-april-may-be-the-best-month-yet-for-bitcoin-price\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Here&#8217;s why April may be the best month yet for Bitcoin price &#8221; The U.S. dollar is starting to weaken once again as sellers are pushing the U.S. Dollar Index (DXY) downward, which could strengthen the momentum of Bitcoin (BTC) in the near term. Alternative assets like Bitcoin and gold are priced against the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":218370,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDQvNzI0ZTllOTUtZDY0ZS00NjgzLTkyNWMtZTYzMjVjMWE2ZmQyLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,76153,73785],"class_list":["post-218369","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-dollar","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/218369","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=218369"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/218369\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/218370"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=218369"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=218369"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=218369"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}