As an experienced analyst, I’ve seen my fair share of market volatility in the crypto space. And based on the current trends outlined in this article, I believe that Bitcoin (BTC) is facing some significant resistance at the $65,000 mark. The repeated rejections from this level have driven BTC down to around $62,000 once again.
The Hong Kong-based Bitcoin and Ethereum ETFs, based in Hong Kong, have been unable to escape the pessimistic mood pervading the crypto market. The value of Bitcoin has retreated to approximately $62,000.
Among larger-cap alternatives to CRO, which experienced a nearly 5% increase, the remainder have either seen declines or minimal growth.
BTC Fails at $65K
I analyzed the Bitcoin market during the previous business week and noticed that it began with a more optimistic outlook, reaching over $67,000 on several occasions at the start. However, this upward momentum didn’t last long as bears emerged and swiftly reversed its progression, particularly after the last attempt on Wednesday.
I remember distinctly when Bitcoin took a significant hit, plummeting down to around $62,800 from its previous value within just a few days. Fortunately, it managed to recover slightly and dipped to $62,400 instead. The weekend was rather uneventful, with only a minor uptick in price on Sunday, pushing it toward the $64,500 mark.
Bitcoin’s upward trend came to a halt on Monday, causing its value to plummet once more. The cryptocurrency reached a ten-day low of $61,700.
Over the next few hours, Bitcoin’s bulls became more assertive, driving the price up to reach $64,800. However, this advance was met with resistance, resulting in another rejection. At present, Bitcoin is having a hard time holding above the $62,000 mark once more.
As a researcher studying the cryptocurrency market, I’ve observed that the market capitalization of the leading cryptocurrency has dropped below the $1.230 trillion mark. Simultaneously, its supremacy over the alternative cryptocurrencies (alts) remains almost unchallenged, hovering around the 51% threshold.
CRO Defies the Odds
The larger-cap altcoins, much like Bitcoin, surged upward in value. However, they have experienced setbacks in the past few hours, mirroring Bitcoin’s recent rejections. Ethereum reached a new high above $3,200 with the debut of Hong Kong’s Bitcoin and Ethereum ETFs. Yet, its price has since dipped below $3,100.
Over the past day, the cryptocurrencies Solana, Cardano, Bitcoin Cash, Polkadot, Chainlink, Matic, and ICP have experienced a decrease of roughly 2-4%. Amongst these, Near has seen a more significant decline, dropping by over 5%.
As a researcher examining the current market trends, I’ve observed that CRO and Avalanche have experienced considerable price gains. On the other hand, TON, SHIB, BNB, and TRX have only seen minimal increases in their respective prices.
The cryptocurrency market’s total value has dropped by an additional $40 billion within the past 24 hours, bringing it down to approximately $2.41 trillion according to CoinMarketCap’s data.
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2024-04-30 11:52