Wednesday, July 24, 2024

Market Watch April 5: Bitcoin holds firmly onto $46k, buying pressure continues

Bitcoin is holding firmly onto the $46,000 mark after it faced resistance at the $47,500 – $48,000 level. It was tested of the 78.6% retracement of the recent depreciating range from $48,240 to $44,232. Buying pressure emerged around the $45,763 area. This represented a 50% retracement of the depreciating range. There was an additional downside retracement including at the $45,178 level.

BTC recently reached the highs of $48,240 for the year 2022 but fell after gains. At the time of writing this article, Bitcoin has gained 1.12% in the last 24-hours. It is trading at $46,622, as per data from CoinMarketCap. Traders are closely monitoring the area $48,574, $49,774 and $50,362. The popular cryptocurrency is much more likely to face swift resistance here. If it manages to break free, then there is no stopping.

Ether has seen slight gains of 0.72% and following close in the footsteps of Bitcoin, it is changing hands at $3,523. In the last seven days, the ETH price is up by 4.45%. Looking at April 4, it can be said that the top two cryptos were roughly flat. There was light trading as investors seem satisfied with the recovering crypto market.

Analysts say bearishness seems dominant, with a few exceptions as the rest of the market continues to recede. Most of the altcoins are in the green, except for Solana and XRP, which have lost 1.98% and 0.67% in the last 24-hours, respectively. Avalanche AVAX is also down by 1.41% and so is Polkadot by 0.40%. Dogecoin, the world’s most popular meme coin, is the biggest gainer – having seen its price go up by 4% 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.
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