Bitcoin Clings To $40K On Easter Sunday As Crypto Appears To Go Lower In The Short Term


On Easter Sunday, most cryptocurrencies traded downward. Bitcoin, leading the pack, couldn’t shake the retreat.

The total market cap of all cryptocurrencies as of Sunday was $1.87 trillion, down 0.69 percent from the previous day.

Bitcoin (BTC) is expected to continue to decline in the near term as price compression has so far become the dominant chart feature of the Easter weekend, saving concerned traders another plunge below $40,000.

BTC traded at $40,444.29 on Sunday, down 5.5% over the past seven days, according to data from Coingecko.

The total volume of the cryptocurrency market in the past 24 hours was $49.62 billion, down 19.67 percent. Total volume in DeFi is currently $5.26 billion, accounting for 10.60 percent of the entire 24-hour volume in the cryptocurrency market.

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Contracting Range for Bitcoin

According to TradingView data, BTC/USD traded in a narrower range on Saturday and Sunday with a cap of $40,700.

As the holiday season kicked in, the pair experienced little movement as US stock markets closed for Lent, allowing crypto to avoid correlation-based volatility.

The price consolidation follows a week of bearish pressure that pushed the world’s most valuable cryptocurrency to critical support levels.

Recent price consolidation follows a two-week loss in which Bitcoin lost about $10,000 in value.

According to data from CoinMarketCap, the world’s largest cryptocurrency currently has a market share of 41 percent, down 0.07 percent.

BTC total market cap at $787.44 billion on the weekend chart | Source: TradingView.com

BTC makes higher lows

Analyzing market movements, Kevin Svenson, a well-known social media bull, warned that current chart behavior resembled the period immediately prior to the collapse of Bitcoin’s bear market in late 2018.

While that event followed a long string of lower lows throughout the year, he emphasized that Bitcoin has made higher lows in 2022, but it wouldn’t take much to turn the tables and “capitulate” to enter.

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Analyst: Bitcoin Won’t Hit the Feared $24K

Meanwhile, despite its recent sluggishness, popular crypto researcher PlanB stated Friday that they did not foresee BTC falling to realized values.

Their statements come as the world’s most valuable cryptocurrency fell sharply from its 2022 highs earlier this month. BTC is currently trading about 20% below its year-to-date highs and is down more than 40% from its record high. in Nov.

PlanB mainly dismissed concerns that BTC could drop to $24,000 in days. They noted that the last three such incidents have been in conjunction with a so-called “black swan” event involving the crypto.

The expert claimed that a spike in strong negative sentiment would be necessary to propel the market to realized levels.

Featured image from 123rf.com, chart from TradingView.com

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