From bitcoin (BTC) After a brief rebound yesterday, the price has fallen sharply today. Both bitcoin and the altcoins turn dark red as a result. In this article you can read a crypto market update and read how the market is now.
Bitcoin slumps through 50-day MA
Starting with bitcoin. The mother of all cryptocurrencies was able to recover for a while, as in the bitcoin market update to read this morning. But soon the rise did not seem to be the start of a further recovery. The price started to fall sharply last night, resulting in a further decline today.
On the Dutch trading platform Battle is the bitcoin price in euros now $37,449, down 5% from 24 hours ago. And with the current move, bitcoin is sinking through the 50 days Moving Average (MA) which isn’t too pretty. Still, BTC is now at an important point. Analyst BC Richfield tweeted that he is keeping a close eye on the DXY (the index of the US dollar) and is keeping the following scenario in mind:
“Almost at the USD 40644 level discussed yesterday and how the price reacts here will be important for Bitcoin’s next move.
Should the price lose this level, my first focus would be the daily order block below it around $39300.”
Almost at the 40644 level discussed yesterday and how price reacts here will be key to Bitcoins next move.
Should price lose this level my first point of interest is the daily order block below at around 39300.
Watching the $DXY here too. https://t.co/kzRAgKOiB8 pic.twitter.com/CZeQt5f1OB
— B C Richfield (@BC_Richfield) April 11, 2022
Crypto Market Shrinks $130 Billion
When bitcoin falls, most altcoins often fall even harder. And that is also the case now. Ethereum (ETH) fell 7.4% over the past 24 hours and is now worth $3,015. Cardano (ADA) is in even worse shape, falling 9.3% to a value of $0.94.
As a result, the total value of the crypto market drops significantly. Yesterday, all cryptocurrencies combined were worth more than $2 trillion. The counter now stands at $1.85 trillion. Either way, the next few hours are going to be exciting, with ethereum and bitcoin at key price points.
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