These are the BTC price levels to watch as Bitcoin risks its worst April on record

Bitcoin (BTC) is at a historically important price point for Hodler, but where could it go in the coming days?

As the monthly close looms and various countries gear up for the May holidays, traders are planning the options – with some surprises.

$35,000 becomes the main focus

While commentators on the bitcoin market rarely agree, one thing is more or less accepted this week – that April’s monthly close will be volatile.

This volatility, which is due over the weekend, can be exacerbated by a lack of trading volume as markets are off for either the weekend or the long weekend.

But even with macro involvement, the situation doesn’t seem to favor bitcoin bulls. As Cointelegraph reported, the major indices were in the red on Friday, with the notable exception of China.

“Nothing bullish about this candle, except that it is still above monthly support (but that may change today),” popular Twitter trader Cryptotoad therefore summarized as part of its latest update.

“Next monthly support at $35,000.”

April has delivered 15% losses in BTC/USD so far, the worst April month in Bitcoin history, data from on-chain monitoring resource Coinglass shows.

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Chart of monthly BTC/USD returns (screenshot). Source: coin jar

BTC/USD has so far managed to avoid a drop below liquidity around $37,500, but Cryptotoad isn’t the only one arguing that this could now become a near-term chart focus.

Jordan Lindsey, founder of trading firm JCL Capital, called $35,000 one of what he sees as only two important “major technical levels.”

“The only two levels that matter now in bitcoin. $35,000 is channel support and there is a major technical breakdown below. The price is technically bullish since $38,000 was posted on this account on Feb 4th and neutral since collapsing from $53,000. Everything else was noise,” he told Twitter followers Friday.

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Annotated BTC/USD chart. Credit: Jordan Lindsey/Twitter

Should this decline materialize, Bitcoin would not be that far from last week’s worst-case scenario target of $30,000, which both “ultimate floor” and a likely level to be reached by June.

A “decent relief” could follow maintaining the spot level

Taking a more bullish view, fellow trader Credible Crypto argued that avoiding the dip below $37,000 puts Bitcoin in a stronger position.

Related: $27,000 ‘maximum pain’ Bitcoin price is the ultimate buy-the-dip opportunity, says research

“If we can stop here we should see some decent relief,” he said tweeted Saturday next to a chart illustrating the forecast.

“After my last update I can see valid arguments for both but give an edge to the bullish scenario due to the wave structure. Easy invalidation at 37.7k if we get that expect a flush to the orange region and 36k.”

At the time of writing, with around 12 hours left until the close, BTC/USD is trading at $38,600.

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Annotated BTC/USD chart. Source: Credible Crypto/ Twitter

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.