Wednesday, June 12, 2024

Market Watch April 25: Bitcoin tumbles to $39k, higher rally likely in the week.

Bitcoin has set off on a bullish price as it saw rejection when it tried to cross over the $40,000 mark, now sticking to the downside of the $39,000 level. A strong rally on the higher side is expected over the week. The last 24-hours saw the crypto market trade-in red with low volatility.

The world’s most popular crypto, as per date from CoinMarketCap, lost 1.41% of its price in the last 24-hours. BTC is trading at $39,238. CryptoBull, an analyst, tweeted that if we have our fourth red weekly close, it could be bad. He highlighted that four red weekly candles in a row would be a rare event. This has not been seen on the weekly chart for the past two years. It hasn’t happened since 6/2020. CryptoBull said that when it happened, the market went up to ATH.

According to data from Material Indicators, there are thinning bids below the spot price, which retested the $40,000 resistance. However, over the last 24-hours, there has been low volatility as Bitcoin traded in the range of $39,422- $39,935. BTC’s trading volume declined by 32.46%. There was some support around the $40,000 mark, an encouraging sign, on Friday. Michael van de Poppe, a crypto trader, said it’s crucial for Bitcoin to hold onto the $38,000 – $39,000 region.

Meanwhile, Ether lost 2.65% in the last 24-hours and is trading at $2,875. The world’s second most popular crypto saw a 4.08% price decline in the past week. The altcoins are also in the red. NEAR Protocol is the biggest loser, having since a 7.12% slash at its price over the last 24-hours. Polkadot is down by 6.48% and Avalanche by 3.90%. Ripple’s XRP is down by 3.83% and Solana lost 3.62%.

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.
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