Sunday, July 21, 2024

Market Watch April 7: Bitcoin and Ether slump nearly 5% amid continued macroeconomic turmoil

A quick pullback in the prices of Bitcoin and Ether shows just how volatile the top two cryptocurrencies are. BTC sharply depreciated to $43,000 level from the $47,200 mark. Selling pressure peaked just below the 76.4% retracement of the depreciating range from $48,240 to $44,232. Analysts elected large stops below the $44,996 and $44,925 levels – representing 76.4% and 78.6% retracement levels of the recent appreciating range from $44,232 – $47,469.

At the time of writing this article, Bitcoin was trading at $43,335, as per data from CoinMarketCap. BTC lost 4.23% of its value in the last 24-hours. Ethereum (ETH) has lost 4.66% in the last 24-hours and is changing hands at $3,189. It has managed to stay above the $3,000 mark. ETH price analysis is bearish. It recorded a strong drop lower yesterday and continued to the downside later in the day. Analysts expect Ethereum to set a lower low next. It should be noted that ETH’s lower high was set at $3,560, but it started to decline quickly moving past the $3,400 support.

Meanwhile, the altcoins have also recorded a decline in price with Solana (SOL) losing as much as 8% in the last 24-hours. Cardano, Polkadot, Polygon, and Terra LUNA are down by 7%, Avalanche has lost 6.61% and Ripple’s XRP is down by 5%. The world’s most popular meme coin Dogecoin is the biggest loser. It has lost 11% in the last 24-hours and is trading at $0.14.

Coming back to Bitcoin, BTC is closing in on the mid-point between halvings. It is when the amount of Bitcoin rewards issued per new block mined is reduced by half. Analysts expect the next halving to happen around May 5, 2024. @Alerzio of the Santiment blog on April 4 highlighted that the important resistance on the way is $50,000. Breaking this level around the next mid-halving on April 11 would brush off many doubts. It’s possible that the traditional market cycle has been broken.

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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