On Monday, April 25, prices of the first cryptocurrency updated the local minimum. Currently, the price has reached $38,250 (on the Binance exchange).

According to Coinglass, the current drop was accompanied by the liquidation of $300 million positions in the futures market.

According to CoinGecko, Bitcoin has lost 3.2% in the last 24 hours. At the time of writing, digital gold is hovering around $38,620.

Ethereum is down 4.3%. In the top 10 by capitalization, Polkadot (DOT) and XRP fell more markedly than the others – 7.9%.

Analyst Michael van de Poppe noted that the first cryptocurrency is at a “significant level.” According to him, the fragmentation will push the BTC price to $36,000.

#Bitcoin Let’s get back to this critical level.

Losing it -> 36k then looks like. pic.twitter.com/rLAuhvF1Cz

— Michaël van de Poppe (@CryptoMichNL) 23 April 2022

Earlier, Fundstrat strategist Mark Newton, quoted by Bloomberg, said he expects a return to $36,300.

“Breaking this level will lead to a smooth retest of the $32,950 mark,” he said.

At the time of writing, the value of the “Fear and Greed Index” cryptocurrency has returned to 23 points. As early as March 28, the mood in the market was just the opposite.

Recall that analysts at Arcane Research discovered that the correlation between Bitcoin and tech stocks has reached its maximum since July 2020.

BitMEX co-founder Arthur Hayes said digital gold could drop to $30,000 by the end of the second quarter due to the drop in the Nasdaq index.

Anthony Trenchev, head of Nexo, has a different opinion – he predicted that the first cryptocurrency would hit $100,000 within a year.

In April, Glassnode analysts announced the completion of the process of redistributing coins from speculative investors to hodlers, allowing bitcoin to bottom out.