BroadChain learned that at 19:01 on April 27, according to NewsBTC, Bitcoin has dropped 42% from its all-time high, with its total market cap falling about 46% from a peak of $4.22 trillion to a support level of $2.25 trillion. Crypto analyst @DamiDefi pointed out that this level has consistently served as a key support since 2021, with recent buying re-entering to defend it. Historical data shows that similar sharp pullbacks often occur before major upward movements, with funds not leaving the market but rotating between assets, shifting toward undervalued areas.
The current market faces resistance near $2.58 trillion. If the monthly close holds above this level, the next target range is $3.5 trillion to $3.85 trillion. The monthly candle has already risen about 10.90%, indicating that momentum is building. This pullback may provide an opportunity for the market to reset and rebuild a foundation, reducing the risk of a fragile rebound.