In the third week of April, the cryptocurrency market continues to correct, influenced by tensions in the Middle East and anxiety surrounding Bitcoin‘s halving event. During Asian trading hours on Tuesday, Bitcoin (BTC) and Ethereum (ETH) experienced a decline of around 1.5%, reaching prices of $62,530 and $3,055 respectively. Additionally, notable altcoins such as Solana (SOL), Binance Coin (BNB), and XRP saw drops of approximately 3-4% and 2% respectively.
Despite Bitcoin’s market value dropping to a low of $61.5K during recent market instability, significant investors in the cryptocurrency have shown impressive resilience and continue to hold onto their investments, as reported by analytics firm Santiment.
According to Santiment’s findings, large Bitcoin investors, including those with wallets containing between 100 and 1K BTC (holding approximately 43,489 BTC or $2.75 billion), 1K to 10K BTC (accumulating around 80,544 BTC or $5.10 billion), and 10K to 100K BTC (adding roughly 91,732 BTC or $5.80 billion), have been actively buying Bitcoin since March 1st. This significant accumulation suggests a robust bullish attitude among major players in the market, even amidst price volatility.
Despite the volatile markets causing concern and dropping Bitcoin’s market value to a low of $61.5K during the weekend, key players in the Bitcoin market remain unwilling to sell their holdings.
With #FUD circulating among traders as markets close in on the April 19th #halving,…
— Santiment (@santimentfeed) April 15, 2024
In simple terms, as the Bitcoin Halving approaches, there’s a good chance that the Bitcoin price will reach a significant temporary low, indicating the conclusion of the recent downtrend.
1) Ethereum (ETH)
In simple terms, Ethereum is a key player in the world of blockchain, known for being the first to introduce smart contracts. Smart contracts are self-executing agreements that don’t require middlemen to facilitate transactions.
The Ether coin has experienced a correction for more than a month, with its price ranging from $4095 to $3065, equating to a 27.55% decrease. Additionally, the creation of a new low peak at $3730 and a breakdown beneath the previous support level of $3053 on a daily basis signal that sellers hold the upper hand in this market.
At the point when this article is published, Ethereum’s price was at $3070 on the markets, and its total market value remained at a staggering $367.8 billion.
During the ongoing market adjustment, well-known trader ali_charts identifies a significant support level for Ethereum. This support lies between $2,000 and $2,430. Within this band, approximately 9.37 million wallets hold roughly 53 million ETH. The large accumulation of these Ethereum holdings within this area could potentially influence the price of Ethereum and contribute to its stability.
Should the downtrend continue, be vigilant about the crucial support area for Ethereum around the price point of $2,000 to $2,430. In this region, approximately 9.37 million wallets contain roughly 53 million Ethereum tokens.
— Ali (@ali_charts) April 16, 2024
2) Shiba Inu (SHIB)
Shiba Inu, represented by the symbol SHIB, is an innovative digital currency born from a meme culture project. It swiftly attracted attention as a potential rival to Dogecoin and set itself apart through developing its unique platform.
In the day-to-day price graph, the Shiba Inu token exhibits a consistent pullback, driven by a falling wedge formation. The supporting trendline, which has enclosed the SHIB value for approximately six weeks, has contributed to a 60% decline in price from $0.000045 to $0.0000183.
Despite the present market instability, the price of this memecoin surged to $0.000022 and experienced a notable increase of 22% in just three days. Additionally, Shiba Inu’s market capitalization bounced back to $13 Billion, while its 24-hour trading volume was reported at a substantial $930 Million.
For those who have been unable to make a purchase, they will need to be patient for a price increase that breaks above the wedge pattern. This potential uptrend could boost the asset’s cost up towards the resistance levels at $0.00003285 and $0.00004.
3) Solana (SOL)
Solana’s blockchain stands out for its lightning-fast transaction processing and affordable fees. This achievement is largely due to its innovative consensus mechanism, which merges Proof of History (PoH) and Proof of Stake (PoS) systems.
The price of Solana’s mid-term outlook is positive, as suggested by the upward slant of its daily trendline. This level has acted as a bounce-back point for the altcoin three times, signaling that it may have been a significant buying opportunity for investors during market downturns.
The recent market adjustment caused Solana’s value to drop from $210 to $136, representing a significant 35% decrease in just one month. Nevertheless, with a market capitalization of $60 billion, Solana remains the fifth largest cryptocurrency by this measurement.
If the SOL price continues to be bought, it could once again touch the previously mentioned trendline, regaining its bullish energy. The possibility of a bounce back from this level encourages buyers to attempt pushing the price above the $162 resistance again.
Key Takeaway
The ongoing correction before Bitcoin’s halving event is increasing the demand for Bitcoin and putting pressure on other cryptocurrencies to supply more. Despite major coins undergoing substantial price drops, the buying spree from large Bitcoin investors indicates a potential opportunity for a market recovery.
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2024-04-16 15:54