Market Recap: Bitcoin and Ethereum Experience Decline
In April, the cryptocurrency market saw fluctuations with Bitcoin and Ethereum witnessing a decline in value. Bitcoin slipped to $62,890, a decrease of 10.89%, while Ethereum fell to $3,146, a drop of 13.21%. The global cryptocurrency market cap also decreased to approximately $2.31 trillion over the last 24 hours. This downward trend was attributed to various factors including low demand from Spot ETFs and negative investor sentiment, especially concerning a potential post-halving crash. Market analysts highlighted these concerns.
BTC and ETH Technical Analysis
Technical analysis of Bitcoin (BTC) and Ethereum (ETH) reveals key insights into their price movements. BTC remained below the 50-day Exponential Moving Average (EMA) while holding above the 200-day EMA, confirming a bearish near-term but bullish longer-term trend. A breakout above the $64,000 resistance level could signal a move towards $69,000, while a drop below the $60,365 support level may lead to a test of the $58,000 handle. The 14-Daily Relative Strength Index (RSI) reading for BTC suggests a potential drop to $58,000 before entering oversold territory.