Bitcoin is set to conclude April with a decrease, experiencing a drawdown of approximately 15% since the month began. This marks the end of a remarkable streak of seven consecutive green candles. At the outset of April, Bitcoin achieved a new record high for monthly candle closure, reaching around $71,200. This surpassed the previous high of about $60,500, recorded in 2021.

The psychological support level of $60,000 is anticipated to be significant for Bitcoin in the upcoming week. Market sentiment is diminishing due to reduced buying pressure from Bitcoin ETFs in the US and the underwhelming performance of Hong Kong ETFs earlier today.

Over the past 24 hours, crypto markets have witnessed over $300 million in liquidations, predominantly from long positions totaling $257 million, while shorts accounted for $58 million, according to data from Coinglass.

Furthermore, on Binance, a leading exchange for Bitcoin trading, notable buy walls around $60,000 are evident. Over 1,000 BTC ($60 million) in buy orders are positioned on the BTC-USDT pair alone, poised to cushion any decline to that level. However, overall liquidity within the order book appears relatively subdued compared to recent periods in the current bull market.

With Bitcoin sentiment deteriorating and no imminent bullish catalysts on the horizon, price discovery is likely to be driven less by optimism about future events and more by the inherent value of the Bitcoin network. Events such as US ETF approval and launch, the Halving, and now the introduction of Hong Kong ETFs have all transpired. Bitcoin has witnessed a substantial surge during this period, with over 90% of holders currently in profit. The question arises whether it's time for profit-taking and for Bitcoin to retest lower levels, or if it will maintain resilience at this significant historical and psychological monthly support level.