Thursday, June 20, 2024

Market Watch April 6: Bitcoin dips following US Federal Reserve’s statements

Bitcoin dipped to the $45,000 mark after failing to breach the $47,700 level to get across $48,000. It lost 3.04% of its price in the last 24-hours and is trading at $45,247, as per CoinMarketCap. Analysts say the move higher from the week-to-date low tested the 76.4% retracement of the recent narrower declining range from $47,469.40 to $45,129.93. The popular crypto recently traded at a 2022 high around the $48,240 area before ceding some gains. Traders have been closely watching the levels – $48,574, $49,774 and $50,362.

Arcane Research, an analytical firm, highlighted that Bitcoin broke above $45,000 last week. It said funding rates have normalized around the neutral territory, pointing out the balanced demand for long and short positions.

Ether managed to stay in the $3,300 range. As BTC price fell, Ether also slipped. It lost 5.10% in the last 24-hours and is trading at $3,345. The altcoins charted minor declines, with the majority showing red. Terra LUNA managed to stay up by 0.08%. Solana (SOL) has lost as much as 7.17% in the last 24-hours, Avalanche lost 6.94%, and Polkadot 6.45%. Cardano is down by 5.94% and is changing hands at $1.14, while XRP has lost 2.24%.

The market has been up and bright since the past week, seeing slight ups and downs. Bitcoin sticks to its volatile feature which pulls and pushes Ether. It’s just a matter of time before the BTC price sees gains again.

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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