Crypto Market Stalls As Bitcoin Runs Out of Puff


In the past 24 hours, the cryptocurrency market has experienced a mixed performance, with small breakout attempts in both directions ultimately resulting in a mostly flat overall movement. Bitcoin, the leading cryptocurrency, was unable to break past the psychological resistance of $30,000 – a level not seen since July 2022. Currently, Bitcoin is trading at around $27,900, down 0.2%, while Ethereum follows with a 1.5% drop to trade at $1,856.

Among the top 10 free-floating coins (excluding stablecoins) by market cap, performances were mixed as well:

Binance Coin (BNB): $310 (down 0.60%)Ripple (XRP): $0.51 (up 2%)Cardano (ADA): $0.38 (down 1.5%)Dogecoin (DOGE): $0.082 (down 10%)Polygon (MATIC): $1.10 (down 1.5%)Solana (SOL): $20.30 (down 1.70%)Polkadot (DOT): $6.15 (down 2.5%)Litecoin (LTC): $89.90 (down 1.5%)

The $30,000 mark for Bitcoin represents a significant psychological barrier, with sellers eager to regain control over the market should the price approach this level. However, if Bitcoin can reach and maintain this price point, bullish sentiment may intensify. On the other hand, strong support exists around the $27,000 and below the $24,000 levels.

Subdued market activity is likely due to the tightened liquidity as a result of the Easter holidays, with a significant breakout not expected until at least Wednesday. While the short-term outlook remains bullish, the medium-term trend is expected to lean downwards due to seasonal factors. As the Northern Hemisphere enters summer, the “Sell in May and Go Away” phenomenon typically leads to reduced trading volume and an increased likelihood of a selloff in the latter half of April, as has been observed in previous years.

Risk Warning: Cryptocurrency is a unregulated virtual notoriously volatile instrument with a high level of risk. Any news, opinions, research, data, or other information contained within this website is provided for news reporting purposes as general market commentary and does not constitute investment or trading advice.


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