{"id":64259,"date":"2025-05-05T12:17:59","date_gmt":"2025-05-05T12:17:59","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=64259"},"modified":"2025-05-05T12:17:59","modified_gmt":"2025-05-05T12:17:59","slug":"bitfinex-alpha-strong-april-close-sets-up-bitcoin-for-summer","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=64259","title":{"rendered":"Bitfinex Alpha | Strong April Close Sets Up Bitcoin for Summer"},"content":{"rendered":"
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Bitcoin closed April with a strong 14.08 percent monthly gain<\/a>, outperforming its historical April average and reversing course after a steep early-month correction. This rally, which saw Bitcoin climb more than 32 percent from its April low of $74,501 to nearly $98,000, highlights the asset\u2019s resilience<\/a> amid macroeconomic turbulence and shifting risk sentiment. Reclaiming the $95,000 level\u2014the lower boundary of its former three-month range\u2014is now the key technical threshold<\/a>. Holding this zone, especially as BTC consolidates above the short-term holder cost basis of $93,340, could lay the groundwork for a move back toward all-time highs.\u00a0<\/p>\n

On-chain data supports this narrative: miner reserves remain stable and the Puell Multiple<\/a> suggests little incentive for large-scale miner selling, indicating confidence in further upside. While the near-term hinges on whether BTC can convert this reclaim into sustainable support, structural signals continue to lean bullish\u2014setting the stage for a potential continuation of the current cycle once macro conditions stabilise.<\/p>\n

Bitcoin Miner Reserves. (Source: CryptoQuant)<\/em><\/strong><\/p>\n

The US economy showed surface-level resilience in April, with 177,000 new jobs<\/a> added and unemployment holding steady at 4.2 percent<\/a>. Labour force participation grew, and key sectors like education, healthcare, and hospitality continued hiring. However, wage growth slowed<\/a> to 0.2 percent monthly and 3.8 percent annually, job openings declined, and certain industries like manufacturing and retail lost jobs\u2014signs of a cooling labour market.<\/p>\n

These positive headlines mask deeper structural issues, as companies may be \u201clabour hoarding<\/a>\u201d after past hiring struggles, and the jobs report is increasingly seen as a lagging indicator. Meanwhile, consumer spending appears stable<\/a> on the surface but reveals cracks beneath\u2014durable goods purchases dropped sharply<\/a>, while nondurables and services rose<\/a>. A temporary surge in equipment investment lifted private investment numbers, but broader economic momentum remains weak. Imports soared<\/a> over 40 percent, widening the trade deficit and dragging GDP down by 0.3 percent in Q1, largely due to corporations front-loading goods ahead of tariff hikes.\u00a0<\/p>\n

Gross Domestic Product (Source: Bureau of Economic Analysis)<\/em><\/strong><\/p>\n

Consumer confidence has plunged to its lowest level since 2020<\/a>, with the Expectations Index<\/a> dropping to a level historically linked to recessions. Rising concerns about income, job security, and inflation\u2014driven by ongoing trade tensions\u2014are weighing heavily on sentiment. As inflationary pressure from tariffs builds and household income growth stalls, the US faces a precarious period of economic deceleration.<\/p>\n

In the cryptosphere, Nexo has reentered the US market<\/a> after a two-year exit, citing a more favourable regulatory climate and political support, particularly under the Trump campaign\u2019s pro-crypto stance. The company now aims to offer a fully compliant suite of crypto-backed financial products, reflecting a broader industry shift toward cooperation with regulators. Meanwhile, the Arizona House<\/a> passed two bills that would allow the state to invest up to 10 percent of its funds in Bitcoin and other cryptocurrencies, potentially making it the first U.S. state to hold crypto in its treasury and retirement systems\u2014though the outcome remains uncertain due to Governor Hobbs\u2019 veto warning tied to broader budget concerns. Across the Atlantic, the UK government introduced draft legislation<\/a> to regulate crypto platforms, emphasising consumer protection and transparency, while also strengthening collaboration with the U.S. to establish a transatlantic regulatory framework. Lastly, the SEC concluded its investigation into PayPal\u2019s stablecoin PYUSD<\/a> without enforcement action, signalling potential regulatory clarity for stablecoins and reinforcing PayPal\u2019s position in the evolving digital asset landscape.<\/p>\n

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The post Bitfinex Alpha | Strong April Close Sets Up Bitcoin for Summer<\/a> appeared first on Bitfinex blog<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Review full report Subscribe to Bitfinex Alpha Subscribe to Bitfinex Alpha! Want to receive Alpha from Bitfinex every week? Subscribe Bitcoin closed April with a strong 14.08 percent monthly gain, outperforming its historical April average and reversing course after a steep early-month correction. This rally, which saw Bitcoin climb more than 32 percent from its […]<\/p>\n","protected":false},"author":0,"featured_media":64260,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-64259","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-interesting"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/64259"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=64259"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/64259\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/64260"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=64259"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=64259"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=64259"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}