In the past week, Bitcoin’s correlation with tech stocks increased selling pressure on the asset. The crypto market has been dwelling in the high lows as stocks struggled to recover. Investors have been left somewhat shaken because the crypto economy shrunk to $1.79 trillion.
Data suggests that technical sentiment was negative for the crypto market for most of April. The price of Bitcoin depreciated by around 17.3% during the month. In the past seven days, the world’s most popular crypto lost 1.47% of its value. At the time of writing this article, BTC was trading at $38,669. Analysts highlighted that buying pressure slowed Bitcoin’s descent around a downside price objective related to selling pressure that heightened last month around the $47,469 mark. Recent price activity has been below $38,780.
After substantial retracement and retest of the previous support area as resistance, Bitcoin is bearish. The market expects further downside in the week. Bitcoin has traded in the range $37,585 – $38,627. This indicates substantial volatility over the last 24-hours. But trading volume has increased by 11.53%.
Joe DiPasquale, CEO of BitBull Capital, pointed out that there are no major bullish catalysts on the horizon. He believes Bitcoin is likely to grind in this range or slip down lower before more aggressive accumulation can begin. DiPasquale says the lack of bullish catalysts is very much evident and US equities have shown weakness as well. These factors continue to pull BTC down.
Ether, the second most popular cryptocurrency in the world, gained 2.38% in the last 24-hours. It is trading at $2,842, as per CoinMarketCap. However, compared to Friday, there has been very little change in its price. Meanwhile, the altcoins are in the green. Ripple’s XRP is the biggest gainer and is up by nearly 6%. Terra LUNA gained 4.72%, Cardano 3.04%, Solana 2.51%, and Polkadot is up by 3.83%.