Bitcoin fell below $62,000 again, while the US Federal Reserve’s (Fed) interest rate cut tomorrow is eagerly awaited by the markets. Bitcoin, which fell after seeing the peak of $73,000 in March and left especially leveraged traders in a difficult situation with its harsh movements, approached 2022 in the monthly closing.

Closing at bear season level

The largest cryptocurrency, which will make its monthly close tomorrow night, will close April down over 12% if it fails to rise from this level. This level of monthly decline has not been seen since 2022. In 2022, when the harshest periods of the bear season were seen, historical events such as the Terra LUNA and FTX collapses, cryptocurrency prices also dropped significantly.

As can be seen in the table below, in 2022, there were closures of -37% in May, the month of the Terra LUNA collapse, and -18% in December, the month after FTX’s bankruptcy.

On the other hand, Bitcoin has not closed any month with a negative rate since August.

$210 million liquidated

The sharp decline in Bitcoin led to the liquidation of $210 million worth of crypto positions in leveraged trading. Of these, $150 million were long positions and $60 million were short positions. The level of liquidation in Bitcoin alone (24 hours) was $60 million.