Tuesday, December 5, 2023

Market Watch April 16: Crypto market’s corrective phase continues, Bitcoin sticks to $40k

Bitcoin seems to be caught in a bearish net as the crypto market continues with its corrective phase. Further dips are expected at the price of Bitcoin as it moves into the Easter weekend. Throughout the short week, the popular crypto wavered showing uncertainty among market participants. Technical indicators suggest short-term buyers could remain active between the $35,000 – $37,000 support zone.

At the time of writing this article, Bitcoin was down by 0.64% in the last 24-hours. It was trading at $40,447. In the last seven days, BTC lost 4.65% of its value. The Moving Average Convergence Divergence (MACD) is positive on the weekly chart but negative on the monthly chart. Its considered signs of a bearish trend and suggests new lows are likely. Analysts highlighted that if the Bitcoin price were to make a lower low, it would generate a significant bullish divergence.

On the positive side, the long-term wave count indicates an upward move toward $50,000. But Bitcoin is still correcting in an A-B-C structure, that is red. If it does dip further, it may drop to $37,000. It may coincide with the support line of an ascending parallel channel. Once the correction is complete, Bitcoin could move toward the $50,000 mark.

The world’s second most popular cryptocurrency, Ethereum is also following a bearish pattern. Ether fell below the $3,000 mark but then gained and lost again. Currently, it’s trading at $3,042. There is resistance near the $3,080 mark, and the next resistance might be near the $3,120 level. If goes on the upside, Ether might go above $3,150.

Meanwhile, the altcoins have given mixed reactions with slight gains and losses. Solana and XRP are down by 0.85%, while Avalanche has lost 1.66% in the last 24-hours. Terra LUNA is down by 2.17%. Cardano has gained 0.14%, Polkadot 0.83%. Dogecoin, the popular meme coin, is up by 2.20% in the last 24-hours.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com 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.

Most Popular