Bitcoin traders hoping to see their favorite cryptocurrency reach $5,600 in April were mildly disappointed as the final weekend of the month approached. Since the first day of April, the BTC/USD pair has been very active in terms of trading volume, and a rally sentiment took hold for most of the month, pushing the exchange price as high as $5,554 on April 23. The $5,600 level seemed to be on the horizon, but a sudden pullback down to $5,200 materialized in just a couple of days.
Bitcoin Continues to Show Signs of Strength
Since April 15, bearish pressure has been building around various cryptocurrencies, but not so much on Bitcoin, at least not until now. The current sentiment is not completely negative, but it is not positive enough to sustain the rally that so many traders are hoping for in 2019. Whenever this happens, investors start looking for fundamental signs that things will turn around, but such signs are mostly absent at this time. Something that would certainly boost BTC and the overall digital currency markets would be the approval of a cryptocurrency exchange-traded fund, but this is something that may not happen until October. The United States Securities and Exchange Commission has evaluated a few ETF applications; the filing that has taken the lead is the VanEck SolidX Bitcoin Trust, but even this application is still far from an approval.