Uninterrupted rising since the second half of March cryptocurrency market had an average of 10% correction during the week of April 17. In the new week, the seller’s outlook continues.
TOTAL
According to the total market cap metric we got from Tradingview, cryptocurrencies are supported by the $1.1 trillion limit. If this level is broken, the downward movement in Bitcoin and altcoins can continue.
Bitcoin or Altcoins?
Investors who foresee a rally in the medium term attach importance to dominance data in order to determine in which direction they will use their preferences. The BTC.D metric, which measures Bitcoin’s share in the market, has once again received a reaction from the 47-49% range, which it has not been able to exceed since April 2021.
If the area marked in red according to the weekly technical chart is not exceeded altcoins likely to be more profitable.
Latest Status in Bitcoin
Although the leading cryptocurrency has been rising for weeks, it has been stuck in the support/resistance area that has been playing an important role for about 27 months.
Facing the sale after standing for 31 thousand dollars bitcoinIt continued to lose value by breaking the $28,700 support. BTC could technically drop as low as $24,800 unless there is a significant purchase.
However, with upward purchases, the price may rise above $30,000 again in the coming days. The important thing here is not to stay below the $27,000 level, especially in the 4-hour period.
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