Bulls failed to push Bitcoin across the $48,000 threshold on March 31 prompting the crypto market to enter April with a high low. Crypto market analysts expect a lower support retest at the $45,000 level. Bitcoin price above $47,500 was soundly rejected by bears, sending the popular cryptocurrency downhill.
At the time of writing this article, BTC’s price has lost 5.55% in the last 24-hours and is trading at $44,606. The price drop hasn’t caught analysts and crypto traders off guard. In fact, they say this was to happen sooner or later. Throughout the week, Bitcoin had shown significant gains and slight drops.
IncomeSharks, a market analyst and pseudonymous Twitter user, said the four-hour looks like it wants to correct a bit. The analyst pointed out that he is not being bearish. He said the super trend is going flat, and there will probably be a retest. There could also be a bounce at the trend line. The analyst sees this as a good time to take profits.
Caleb Franzen, a market analyst and an economist, says it’s helpful to sometimes cut out all the noise, and remove price structure analysis. It’s better to just look at the exponential moving averages. Franzen highlighted that the potential support for Bitcoin was in the range of $42,000 – $45,000.
Meanwhile, Ethereum is trying its best to hold onto its gains. But as Bitcoin slipped, ETH has seen a drop of 4.67% in the last 24-hours. Ethereum, as per CoinMarketCap, is changing hands at $3,241. The altcoins are in the red. Avalanche, Terra LUNA, Cardano, Polygon, and Shiba Inu have lost between 6% – 8%.