After an explosive first quarter, April 2024 brought a noticeable pause in the crypto market’s momentum.
Bitcoin and Ethereum remained within tight ranges, showing signs of consolidation after months of strong gains.
While some traders saw this as a sign of exhaustion, others — like Richard Norman — viewed it as a healthy reset before the next leg up.
“Consolidation is not weakness; it’s preparation,”
says Norman.
“When liquidity dries up and volatility narrows, that’s when smart money positions for the next big move.”
Bitcoin: Holding Ground Above $67,000
-
After peaking above $73,000 in March, Bitcoin spent most of April ranging between $66,000 and $70,000.
-
Institutional flows slowed slightly, but ETF inflows remained positive.
-
On-chain data showed long-term holders accumulating while retail traders took profits.
Key technical zones:
-
Support: $65,800 – $66,500
-
Resistance: $70,500 – $72,000
“BTC above $65k shows strong structural support,” notes Norman.
“As long as institutions keep buying dips, the broader trend remains bullish.”
Ethereum: Awaiting Its Next Catalyst
-
Ethereum traded around $3,350 – $3,650, underperforming Bitcoin slightly but maintaining bullish fundamentals.
-
The Dencun upgrade continued to stabilize transaction costs, supporting Layer-2 ecosystems.
-
Staking participation reached record levels, with over 27 % of ETH locked.
“ETH is becoming more of a yield-bearing asset,” explains Norman.
“It’s quietly maturing into something between tech stock and commodity.”
Altcoins and DeFi: Mixed Performance
April saw clear sector rotation within the crypto market:
-
Layer-2 projects like Arbitrum (ARB) and Optimism (OP) gained traction.
-
Meme coins experienced temporary spikes, followed by sharp corrections.
-
DeFi protocols recovered modestly thanks to improving total value locked (TVL) metrics.
“The market is getting smarter,” Norman adds.
“Narratives still drive short-term moves, but capital increasingly chases fundamentals.”
Regulatory Developments Shaping Sentiment
Two major policy stories defined April 2024:
-
The European Union’s MiCA framework officially took effect — introducing clear rules for crypto exchanges and stablecoins.
-
In the U.S., the SEC approved two new spot-based ETFs tied to Ethereum, marking another milestone for institutional adoption.
Both moves added credibility and attracted long-term investors, though short-term traders felt the impact of reduced volatility.
“We’re entering a phase where regulation supports stability instead of fear,” says Norman.
“That’s how crypto becomes part of the global financial system.”
Market Outlook
-
Short term: sideways consolidation with low volatility.
-
Medium term: bullish bias as ETFs and staking demand absorb supply.
-
Long term: accumulation zones for BTC ($65k–$68k) and ETH ($3.3k–$3.5k) could define the next leg higher.
“April is not the month to chase green candles,”
concludes Norman.
“It’s the month to build positions quietly while others lose interest.”
Conclusion
April 2024 didn’t bring fireworks — but it may have built the foundation for the next breakout.
With institutional participation growing, regulation stabilizing, and on-chain metrics improving, the crypto market appears to be maturing beyond speculation.
And as Richard Norman reminds us,
“Boring markets make the best opportunities — if you know what to look for.”
