Bitcoin’s price began the day at $64,000 but fell below that level, reaching $64,370, due to selling pressure. Over the past 24 hours, the price dropped to $62,673 and has continued to trade within a narrow range, which could be a cause for concern as a new week approaches. So, what is the current state of the cryptocurrency markets?
Bitcoin (BTC):
The price of BTC is hovering around the $64,000 mark and has remained at this level. While alternative cryptocurrencies have seen modest gains, a significant turnaround has yet to occur. Bitcoin’s prolonged inability to break above $67,000 has dashed hopes for April.
The Spot Bitcoin ETF has experienced outflows for the past three days. IBIT entries have reached zero, and consistent sales of the ETF have depleted companies’ BTC reserves. After the close of the trading week, total net entries fell below $12 billion, indicating short-term concerns.
As of April 9, there have been no net entries between $150-200 million. Excluding the entries from April 10, there were only a few days in March with very small net entries, ranging from $31.6 million to $91.3 million. Despite providing explanations for this lack of enthusiasm each time, we may see an anticipated break (direction unclear) after the upcoming Fed interest rate decision.
Current State of Cryptocurrencies:
The situation is similar across the entire market. Total trading volume is on the verge of dropping below $50 billion. The fear and greed index remains neutral, and in the past 24 hours, BTC, ETH, and stablecoins have been the most traded assets, followed by SOL and DOGE. Data leading up to next week’s Fed meeting has dampened investors’ appetite for risk. While the US economy did not grow as expected, the halt in inflation decline makes it challenging to predict the Fed’s decision.
Looking at the top 100 cryptocurrencies, PEPE, BONK, and HBAR have seen gains exceeding 20% this week, making them among the few profitable altcoins. HBAR Coin’s rise can be attributed to a misinterpreted news item involving BlackRock.
Disclaimer:
The information provided in this article should not be considered as investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry risks. It is important for investors to conduct their own research.
