The decline of Bitcoin has stopped, but the crypto market has not shown any clear signs of recovery; the red color is still covering, and the transaction is quite gloomy. A few hours ago, the Bitcoin price traded at $ 45,129, down 0.47% compared to yesterday. At the time of writing, BTC is changing hands at $45,866.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price fluctuated in a narrow range over the past 24 hours; trading volume was quite low
Statistics show that in the last 24 hours, the world’s most popular and valuable leading cryptocurrency traded the lowest at $45,666 and the highest at $47,200.
According to CoinMarketCap, Bitcoin’s trading volume is around $29.3 billion, with $876 billion.
Bitcoin is a cryptocurrency with significant price fluctuations. Before dropping to current levels, Bitcoin had risen to $48,000 – its highest price since the beginning of the year.
During March, Bitcoin and other cryptocurrencies also struggled in a downtrend. However, last weekend’s break above $45,000 – a key technical resistance level – helped Bitcoin gain significant market interest.
According to analysts, Bitcoin’s recent rally shows the market’s optimism toward cryptocurrency. Matt Maley, the chief market strategist at Miller Tabak, thinks that Bitcoin’s 200-day moving average, around $48,270, could be a near-term resistance.
Despite its rapid rise, Bitcoin is currently about 30% below its peak of around $69,000, reached in November 2021. Katie Stockton, the founder of Fairlead Strategies, a firm that focuses on technical analysis, says that the current rally could continue. Bitcoin has received a new “buy signal” via the MACD, and the nearest resistance could be at $51,000.
Crypto Finance AG professional crypto trader Daniel Kukan thinks that Bitcoin is likely to rally to the $53,000 resistance level in the short term.
Meanwhile, market analyst Richard Perry believes that Bitcoin will soon hit $52,000 and head towards $57,400 in the near term.
This morning, Bitcoin lacks momentum, returning to the market movements, making the cryptocurrency market quite gloomy. In the top 10 cryptocurrencies by market capitalization, red dominates.
The non-Bitcoin bearish group has Tether down 0.01%, BNB down 0.9%, USD Coin (USCD) down 0.04%, Solana (SOL) down 1.9%, Cardano (ADA) down 0.3%. By contrast, Avalanche (AVAX) is up 0.4%, XRP is up 0.08%, Terra (LUNA) is up 9.5%.