On Friday during US business hours, there was a surprising drop in the cryptocurrency market causing many major digital currencies to decrease significantly. On April 12th, investors withdrew a total of $221.17 million from Bitcoin spot Exchange-Traded Funds (ETFs), with Grayscale’s GBTC seeing a withdrawal of $166 million alone.
Over the last 24 hours, Bitcoin (BTC) experienced a 4.4% decrease, now trading at $67,452. In contrast, Ethereum (ETH) suffered a larger setback, dropping by 7% to reach a price of $3,266. Furthermore, Solana (SOL) and XRP endured considerable losses, with Solana falling 12.68% to $150 and XRP declining 11% to rest at $0.54.
Over the past day, a staggering number of 297,256 traders have seen their positions closed for a loss, resulting in a total value of around $936.12 million in liquidations according to Coinglass’s latest figures.
Before the upcoming Bitcoin halving, some believe that the recent market drop serves as a last opportunity for weaker investors to exit and encourages more determined traders to enter the market.
1) Bitcoin (BTC)
Bitcoin, the pioneering digital currency, functions as a decentralized, peer-to-peer monetary system, allowing direct transactions between individuals without requiring intermediaries such as banks.
Currently, Bitcoin’s short-term trajectory hovers around the $73,800 mark, with buyers finding it difficult to push beyond this level. On the flip side, a significant price drop is kept in check due to the presence of a supportive trendline.
In simpler terms, the support level for Bitcoin at $67921 is confirmed by the presence of reject candles with small wicks in the 4-hour chart, keeping the coin’s price above this mark. The total value of all Bitcoins in circulation is around $1.327 Trillion, and over the past 24 hours, $48.07 Billion worth of Bitcoin has been traded.
If the support is weakened and there’s a possibility of a price drop, it could provide enough push for buyers to attempt retaking the all-time high of $73,800 again.
2) BONK
BONK is a new cryptocurrency based on the Solana blockchain, modeled after popular dog-themed coins. Its name and ethos reflect its strong focus on community involvement and grassroots support.
The price of BONK has been decreasing and can be observed through the development of a falling wedge chart pattern. This pattern is formed by two trendlines that are converging, causing the memecoin’s value to drop from $0.000048 to $0.0000172, resulting in a significant price decrease of approximately 64%.
The market value of BONK is presently at $1.12 billion, and there was an impressive increase in trading volume amounting to $226.3 billion. In order for buyers to take charge of this asset again, they need to overcome the resistance trendline’s upper boundary.
If the price of BONK experiences a successful surge above its current level, it is likely to attract more buyers and push the price up towards the goal of $0.0000428.
3) Render Network (RNDR)
RNDR is a blockchain-based solution transforming how extra GPU processing power gets utilized. Acting as a decentralized marketplace, it bridges the gap between those with surplus GPU capacity and content creators requiring significant rendering power for intricate jobs such as 3D modeling, artificial intelligence, and virtual reality projects.
In the aftermath of the latest market adjustment, the price of Render plummeted significantly from $13.84 to its present value of $8.1. This downturn represents a substantial loss of approximately 41.3%. Yet, with a market capitalization of over $3 billion, RNDR maintains its rank among the top 40 cryptocurrencies in terms of market size.
Currently, the declining price movement is trying to find buying interest at the intersection of an uptrend line and the 100-day moving average, as well as the 50% Fibonacci retracement level. This means that corrective pullbacks offer opportunities for buyers to recover and build momentum to push prices back up towards levels such as $10.3 and $13.7.
Key Takeaway
Before Bitcoin’s halving event takes place, the market typically sees increased volatility, referred to as “pre-halving consolidation.” Some investors might choose to sell off their holdings due to anxiety or doubts about how the occurrence will influence prices. On the other hand, more confident investors may view this period as a chance to buy their preferred asset at lower costs.
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2024-04-13 14:52