"Who knows, maybe BTC wants to make a horizontal movement first before going up again."
Following the entire cryptocurrency market including Bitcoin (BTC) seeing a significant rise during the banking crisis last month, Q1 2023 for the digital asset ended with a price increase of almost 70%.
There is no denying that the performance of BTC in 2023 is very encouraging despite the United States (US) regulators always acting aggressively against the crypto market and the closure of some digital asset-friendly banks.
Even so, BTC may see volatile movements in April because the digital asset's liquidity has dried up significantly during this period, commented blockchain analytics company Kaiko.
According to Mark Connors, head of research at digital asset management firm 3iQ, he thinks that retail investors will remain optimistic about BTC despite the drying up of trading volume and liquidity of the digital asset.
For context, BTC spot trading volume on crypto exchange company Binance by the end of March exceeded $6 billion with 65 million users while Coinbase $1.3 billion and around 33 million users.
It is reported that a large amount of BTC has recently moved out of the crypto exchange company, with nearly 46,000 of the digital asset leaving the exchange over the past 10 days.
As of this writing, BTC price has recorded a jump of 0.49% at $27,857 in the last 24 hours with a market cap of $538 billion and an increase of around 3.05% over the last week.
