1744782362785Extreme Fear grips the market – is it a buying opportunity or time to hold

 

Today, the cryptocurrency market appears to be mixed: Bitcoin (BTC) fighting the $85,000 resistance level and pressure is being exerted on prominent altcoins such as Ethereum (ETH). 

Today we shall have a look into the current standing of the cryptocurrency market: price movements, technical indicators, and significant news developments.

 

Bitcoin (BTC): Resistance Struggles


Bitcoin is now selling at about $83,483 as it experiences a 2.15% drop during the last 24 hours. The currency had several rejections, roughly around the $85,000 resistance level, which had been coincided with its 200-day Exponential Moving Average (EMA). A successful closing above this level on a daily timeframe will catalyze a rally toward its high of $90,000 and possible retest with its March high of $95,000.

Though there appeared a "death cross" on the date of April 6 (meaning the 50-day moving average fell below the 200-day moving average), which is usually a bad sign, Bitcoin has very much proved itself to recover from its lowest annual mark of $74,500.

Pressure on Bitcoin miners More and more firms are selling portions of their coins to keep operations running as mining becomes more difficult and transaction fees fall. Miners sold a total of 15,000 BTC on April 7, recording the year's third-largest daily outflow.


Ethereum (ETH): Downward Pressure

 

Currently, Ethereum is trading for around $1,581, down 3.31% over the last 24 hours. The ETH/BTC pair has broken below 0.02, indicating a shift in investor preference toward Bitcoin. The Total Value Locked (TVL) in Ethereum has fallen more than $12 billion within six weeks, which indicates weakening user demand and capital outflows. 

Analysts concede that if Ethereum were unable to heal the $1,730 wound, it may as well be headed to levels not seen since the 2021 altcoin supercycle. Ethereum could crash toward $1,100. 

 

Altcoins: Mixed Performance

 

Binance Coin (BNB): $581.58, down 0.94% .

Ripple's currency (XRP): $2.08, 2.80% lower.

Cardano (ADA): $0.608, down 5.28%.

Dogecoin (DOGE): Trading at $0.1546, a 3.44% decrease. Analysts say that if it can hold above $0.17, there might be enough momentum to take DOGE to $0.29.

Solana (SOL): Prices drop 3.53% to $125.57.

Polkadot (DOT): Currently trading at $3.53, a 3.82% decline.

MATIC: Priced at $0.1811, down 0.98%.

Litecoin (LTC): Traders currently holding at $75.68, with a 3.41% decrease window on it. 

 

Market Sentiments and ETF Flows

 

At the moment, the Fear & Greed Index prints 25, that is, of "Extreme Fear." In addition, Invesco and Fidelity Bitcoin ETFs had registered zero net flows on April 16. The above can also show that investors are relatively inactive, thus indicating possible consolidation in the market.

 

Noteworthy News

 

Consistency of Bitcoin: Bitcoin has been relatively still, with only a 0.58% move since the past month. Its being regarded as good sign in terms of maturation process of Bitcoin as an asset class.

Sleepless Fraud: Jake Gallan, chief executive officer of Emblem Vault, found out the hard way that $100,000 worth of digital assets can evaporate within the course of a sophisticated Zoom.Investing in Digital Assets, then, simply adds "misery on top of further misery" for investors.

Today’s market for cryptocurrencies presents a very complicated picture. While Bitcoin shows recovery from the current crisis, Ethereum and most altcoins currently face very tough conditions. Investors are advised to keep track of events happening in the market and to exercise caution in view of the prevailing data.