Bitcoin bulls return after BTC bounces at a key support level

CoinTelegraph

A wave of selling took command of the cryptocurrency market on April 7 after Bitcoin (BTC) price dropped below $56,000.

The market-wide sell-off led to $1.4 billion in liquidations and some analysts suggested that this could be the final sweep out of overleveraged long traders before Bitcoin can make a run higher to the $70,000 level. 

How To Get Free Crypto  

BTC/USDT daily chart. Source: TradingView

One sign that the market had moved ahead of itself over the past week was the rapidly rising Kimchi premium, which was followed by a seven percent decline in BTC price on April 7 as traders worried that it might be the signal for a market top.

Despite the market downturn, analysis of on-chain data suggests that Bitcoin could soon see a rally to a new all-time high as whales, miners and long-term holders have decreased or stopped selling altogether and institutional demand remains high.

Traditional markets near record highs

Equities markets traded near their all-time highs on Tuesday as accelerating job growth, record levels of service sector activity and an expansion in manufacturing resulted in unexpected optimism that pushed stock prices higher.

Despite this positive news, the Dow and NASDAQ closed down 0.06% and 0.16% respectively, while the S&P 500 managed to end the day with a 0.06% gain.

Coinbase Banner  

Coinbase listing provides a little relief

A few altcoins did manage to rally throughout the day after Coinbase revealed that it would list 1INCH, Enjin (ENJ), New Kind of Network (NKN) and Origin Protocol (OGN) on Coinbase Pro. 

Following the announcement, the price of 1INCH and ENJ saw modest gains of 5% while Origin Protocol saw a 10% increase and NKN rallied 27%.

Solana (SOL) also rallied 10% and Ethereum (ETH) declined 7% to trade below $2,000.

Daily cryptocurrency market performance. Source: Coin360

The overall cryptocurrency market cap now stands at $1.90 trillion and Bitcoin’s dominance rate is 55.6%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Go to Source
Author: Jordan Finneseth


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

FreeBitcoin Banner  

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.