Friday, December 8, 2023

Market Watch April 11: Bitcoin struggles to stay at $42,000 mark, traders remain optimistic

The crypto market is headed for more losses after a week of high lows and slight gains. Bitcoin stuck to the $42,000 mark over the weekend and started a new week by being down by 1.75% in the last 24-hours. It is trading at $42,063 as per data from CoinMarketCap. BTC’s price has lost 8.82% in the last seven days. The past week has seen the popular Bitcoin drop to $45,000 before nosediving to $43,000. It then saw a slight gain to $44,000 but plummeted to the $42,000 mark.

The crypto market has moved in the red over the last 24-hours. The world’s second most popular cryptocurrency Ethereum is trading at $3,172. It has lost 2.66% of its value in the last 24-hours.

The altcoins are seeing a wave of red too. Terra LUNA is the biggest loser, having dropped 8.83% in the last 24-hours. Avalanche (AVAX) is down by 6.58%, Polkadot lost 4.95%, Cardano 4.22%, and Ripple’s XRP is down by 3.58%. The meme coins Dogecoin and Shiba Inu have also seen losses of up to 2.26%.

Chart showing the price of altcoins: CoinMarketCap

Joe DiPasquale, CEO of Bitbull, says there was some relief over the weekend as volumes have been low. He highlighted that BTC is likely to remain under pressure and struggle to the old low of $40k in the coming weeks. DiPasquale believes wider concerns could weigh down cryptocurrencies well below the $40k threshold. There would be reactions around $37k and $32k.

Analysts say the crypto market’s performance lately has largely dovetailed with major equity markets. Bitcoin could maintain a bullish momentum ahead of macro concerns, including monetary policy changes and more interest rate hikes.

Cryptured Team
Cryptured Team
The writers team at is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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