Against the backdrop of falling stocks and new economic data, Bitcoin reached a new monthly low, raising investor concerns.
Bitcoin and Initial Employment Data
On April 3, Bitcoin opened on Wall Street at a new monthly low after the release of US unemployment data. Initially, the BTC/USD price surged to $88,580, but soon fell below $82,000, marking the first such instance since the start of the month. Data from the US Department of Labor indicated that initial jobless claims totaled 219,000 against an expected 228,000.
Negative Trends in Stock Market and Tariff Impact
Falling asset prices affected indices such as the S&P 500, which dropped more than 4% on the day of writing. It was noted that the S&P 500's -3.7% decline came amid fears regarding the trade tariffs announced by the US government. Traders reported that the market has lost nearly $3 trillion in market capitalization since the recent high.
Continuation of Bearish Trend and New Forecasts
Recent data from analytics firm Glassnode revealed that Bitcoin has entered a bearish trend, confirmed by the formation of a 'death cross'. This signals a potential continuation of bearish market for the next 3-6 months. Investors remain cautious due to potential short-term price fluctuations.
Throughout April, Bitcoin faces pressure from negative trends in financial markets and the inability to overcome key support levels, which may signal further declines.
