Bitcoin price is up about 11% in April, roughly in line with its typical monthly performance, as institutional demand keeps showing up.
Bitcoin pushed above $79,000 on Wednesday, its highest level since late January, and as of Thursday it’s still hovering around those levels after holding most of the move.
As of press time, Bitcoin price is up by merely 0.3%, per CoinGecko data, while up by 11.3% throughout April.
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With the current move, Bitcoin is pretty much in line with how it usually performs in April, with gains sitting around 13%, based on data from CoinGlass.
- The rally lines up with what looks like easing geopolitical tension on paper, but the reality appears to be messier.
- President Donald Trump extended the ceasefire with Iran, citing efforts made by regional intermediaries to bring Iran back to the table.
- However, there is no indication that Iran will participate in diplomatic discussions, nor have military operations subsided in the region, with continued disruption in the Strait of Hormuz.
At the same time, sentiment has clearly flipped. The Crypto Fear & Greed Index now sits at 46, firmly in “fear” territory and at its highest level since January.
The move toward $78,500 also triggered a wave of liquidations, with more than $282 million in long positions wiped out over the past 24 hours, according to CoinGlass, including about $115 million tied to Bitcoin alone.
Natural Zone for Distribution Pressure
One of the more popularly monitored metrics now is the realized price, which refers to the average price of Bitcoin when buyers last purchased.
As blockchain analytics firm Glassnode notes, Bitcoin is currently venturing into a critical cost basis region for newer buyers due to crossing the $78,000 mark again, noting that the “behavioral incentive to exit positions intensifies, making this zone a natural source of distribution pressure.”
Zach Pandl, Grayscale head of research, also pointed out in a recent research post that Bitcoin’s price is “still well below its October highs, but many recent buyers are back to breakeven—potentially signaling that Bitcoin has put in a durable market bottom in the $65,000 to $70,000 range.”
Institutional demand is also accelerating as data from Farside Investors shows spot Bitcoin ETF flows recorded roughly $335 million in net inflows on April 22, one of the stronger daily prints this month.
Most of that demand once again came from BlackRock’s iShares Bitcoin Trust, which continues to dominate flows, followed by Fidelity and Bitwise.
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