Bitcoin Analysis Sunday, April 4

Bitcoin Analysis Sunday, April 4

Last week, the price of Bitcoin surpassed $ 55,500 with a steady rise. The BTC / USD pair also broke the $ 58,000 resistance and was higher than the simple moving average of 100 (4 hours).

The pair even crossed the $ 59,500 level and continued its upward trend above the $ 60,000 resistance. However, the price did not close above the $ 60,000 level, but the price ceiling was set at around $ 60,030, after which a new downward trend began. In this downtrend, the support levels of $ 58,500 and $ 58,000 were broken.

The price of Bitcoin fell below the correction level of 23.6% Fibonacci retracement of the volatile price of $ 50,465 fell to the price level of $ 60,630. The BTC / USD 4-hour chart also shows a price break below a bullish uptrend line with support near $ 59,000.

The pair touched the $ 56500 support area and the simple moving average of 100 (4 hours). In addition, another uptrend line has formed with support at nearly $ 56,800 in the same chart.

If below the trend line support, the level of $ 56,500 and the simple moving average of 100 (4 hours) we see a downward price break, there is a possibility of a sudden fall to $ 55,250. This level is close to the 50% Fibonacci retracement level of the $ 50,465 uptrend to $ 60,630. Any further reductions may touch the $ 53,800 level.

If Bitcoin can stay above the $ 56500 support and the simple moving average of 100 (4 hours), it will probably face a price increase again.

The first major resistance to bitcoin is nearing $ 58,000. Closing the price above the $ 58,000 level could pave the way for a move to the 60,000 resistance area. The next major hurdle is close to $ 62,000.

Technical indicators

The MACD is accelerating hourly for the BTC / USD pair in the downtrend area.

The hourly RSI for the BTC / USD pair is currently below the 50 level.

Main Support: $ 56500

Main resistors: $ 58,000

An overview of the cryptocurrency market Saturday, April 3

An overview of the cryptocurrency market Saturday, April 3

Bitcoin dominance falls to its lowest level in 7 months

While most alternative coins have made significant gains over the past few days, bitcoins have stopped below the 60,000 level. The first cryptocurrency in the market has been struggling with this particular price line for some time, but all its repeated attempts to overcome this resistance have failed every time and pushed it down.

In the last 24 hours, BTC was only a few hundred dollars away from touching $ 60,000 again, but subsequent corrections reduced the asset to its lowest daily level of $ 58,500.

Despite recovering several hundred dollars worth of bitcoin and trading above $ 59,000 at the time of this writing, bitcoin dominance has suffered a major blow. In fact, the benchmark for comparing the BTC market value with other encrypted assets has dropped to 58.4%. This is the lowest level of bitcoin dominance in the crypto market since mid-September 2020. It should be noted that this criterion in early January 2021 was much higher than 70%.

Polkadat ranks fourth in the market

The last few days have been quite bullish for the Altcoins market. Atrium has led the way with the formation of several consecutive daily green candles, and as a result of these developments, it was able to conquer the territory of $ 2,000 again yesterday.

Of course, the market's second cryptocurrency did not stop here and continued to advance until a new downturn of around $ 2150 (on Bitstamp). Despite some modifications since then, ETH is still trading above $ 2,100.

Bainance Quinn fell slightly from yesterday's record above $ 350 and traded around $ 340. Cardano and Theta have had minor gains, while LightQueen (6%), Ripple (12%) and Uni Swap (11%) are all green.

Nevertheless, Polkadat had the most significant performance among the top 10 currencies in the market, with a significant increase of 22% on a 24-hour scale. As a result, DOT became the fourth cryptocurrency in terms of market value, setting a new record at $ 46.5.

Double-digit growth in tokens such as Holo (57%), Livepeer (42%), BitTorrent (19%), EOS (14%), Solana (13%) and Cosmos (12%) is also significant.

Finally, the total market value of cryptocurrencies remains above $ 1.9 trillion, but it is still about $ 30 billion before it touches $ 2 trillion for the first time.

An overview of the cryptocurrency market Thursday, March 11

An overview of the cryptocurrency market Thursday, March 11

Bitcoin, which was close to the last record set at around $ 1,000, was once again rejected and fell below $ 56,000. However, minor corrections among the Altcoins allowed BTC to regain some of its lost dominance in the market.

Bitcoin was only 2% away from its latest record

Over the past few days, the market's top cryptocurrency has been on the rise after falling to $ 47,000. On the other hand, as organizations became more interested in Bitcoin, its price rose.

The incident hit the $ 50,000 level again, but the cows did not stop at that level, pushing the cryptocurrency to its two-week high of about $ 57,000. According to data released by Bitstamp, the highest daily BTC rate yesterday was around $ 57,400. At this time, the distance between Bitcoin and its highest price level reached about $ 1,000 (1.75%). However, the currency failed to defend this level and reached the current level of $ 55647 following the latest price corrections.

What is remarkable is that the bitcoin market capitalization currently remains well above the $ 1 trillion mark.

Increasing bitcoin dominance

The value of more replacement coins increased with their leader. These developments led Atrium to cross the $ 1,800 mark with a $ 400 increase in one day. However, ETH has fallen slightly since yesterday and is below this sensitive level.

Cardano (-5%), Polkadot (-5%), Ripple (-5.2%), Chainlink (-5.8%) and Uniswap (-5%) have lost some of their value in the last 24 hours.

Binance Coin and Litecoin remain almost unchanged, trading at around $ 275 and $ 195, respectively.

As expected, the situation has been significantly more volatile among low and medium market value altcoins. Meanwhile, Theta Fuel had the best performance with 50% growth. It is followed by Hedera Hashgraph (25%), THETA (19%), Basic Attention Token (15%), Zilliqa (12%) and Bitcoin Gold (11%).

Polygon, on the other hand, fell 10 percent, the biggest drop since yesterday. Avalanche (-9%), Decentraland (-9%), Fantom (-6.5%) and PancakeSwap (-6%) are also in the next ranks.

The relative cessation of large market altcoins has helped bitcoin reassert its dominance in the cryptocurrency market. Thus, the benchmark for comparing the market value of BTC with other altcoins has reached above 61%.

An overview of the cryptocurrency market Wednesday, March 3

An overview of the cryptocurrency market Wednesday, March 3

Following a sharp drop that pushed the price of Bitcoin to $ 47,000, the currency traded back at $ 50,000. The Altcoins market is also mostly green today.

Bitcoin crossed the $ 50,000 resistance

After a sharp drop last week that brought Bitcoin below $ 43,000, the currency is slowly showing positive reactions as a new path opens up for the cows.

As reported yesterday, Bitcoin even broke the $ 50,000 level for a short time but could not maintain its momentum. The rejection of the price caused the currency to fall again and fall to the level of $ 47,000 (in Bitstamp).

Since then, Bitcoin has returned to this level once again, rising by about $ 3,000 to about $ 50,000. At the time of writing, Bitcoin is trading at $ 51477.

Technical indicators of the currency show that this particular price level is the first major resistance line in the uptrend of Bitcoin, so that BTC can cross the resistance levels of $ 52,500 and $ 55,000 after crossing this level.

If the price is rejected again, the support levels of $ 47,200, $ 46,600 and $ 44,750 can help.

Atrium reached $ 1,600

Most altcoins also saw unfavorable price movements last week, but were revisited in the last few days. Atrium, which has fallen to $ 1,300, has jumped nearly $ 300 since then and is now close to $ 1,600.

Cardano's 2% increase helped ADA remain third in the market value of digital assets. BinanceQueen (1%) and Ripple (2.5%) are also green in 24-hour timeframes. China Link has increased its value by 6% since yesterday and is currently priced above $ 30. The Polkadat also jumped 6.5 percent to trade at $ 38.

Nevertheless, Light Coin showed the most significant growth among the top ten currencies with a 12% increase. As a result, LTC is approaching the $ 200 mark.

Among the low and medium market value altcoins, the Energy Web Token had the best performance with 32% growth and reaching the $ 18 level. Ocean Protocol (22%), NEM (19%), Basic Attention Token (19%), Enjin Coin (18%), Phantom (13%), Decentraland (12%) and Ontology (11%) are next. they take.

Finally, the total cryptocurrency market capitalization remains above $ 1.5 trillion.

Bitcoin failed to break the $ 35,000 resistance level

Bitcoin failed to break the $ 35,000 resistance level

 

In the last 24 hours, the Bitcoin digital currency (BTC) has fallen again after another unsuccessful attempt to reach the $ 35,000 channel and is currently trying to maintain levels above $ 31,000. Most Altcoins, following their leader, also experienced a downward trend, with the total value of the digital currency market falling by about $ 80 billion over the past 24 hours.

In the last few days, after the price of Bitcoin fell below $ 29,000, this digital currency was able to increase its price up to $ 35,000 by taking an upward trend. However, while the cows were preparing to further increase the price of bitcoin, the bears took control of the market and pushed the digital currency back.

In the following hours, Bitcoin lost about $ 4,000 and fell to $ 31,000. Technical indicators show that the $ 31,000 level is the first post-correction support level that Bitcoin can rely on. In the event of a further drop in the price of Bitcoin, this digital currency will test the next support level at $ 30,760 before it reaches the psychological level of $ 30,000.