Bullish Implications for the Crypto Market

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In the past 24 hours, the total volume of the global crypto market was $45.40 billion, a decline of 5.94%. The global crypto market capitalization, however, saw a bullish increase of 2.98% from the previous day, reaching $1.20 trillion as of 10:00 AM IST on Wednesday. Coinmarketcap reported that DeFi was trading at $4.87 billion, which represents 10.72% of the total 24-hour crypto market volume.

BTC Remains in Bull Zone Despite Volatility

Bitcoin (BTC) recently saw its price rise after hitting a low of $27,213, with its value approaching the $29,000 mark. The price of BTC had fluctuated between $26,500 and $28,500, with neither bulls nor bears able to break out of this range. Despite the buyers’ multiple attempts to overcome the $29,000 resistance, they failed.

Bitcoin remains the top cryptocurrency on Coinmarketcap with an unchanged market capitalization.

On April 3, the price of BTC fell to $27,213, but buyers were quick to make purchases, causing prices to rise. Since March 18, the cryptocurrency has been hovering between the $28,000 resistance and the $29,000 price levels. Despite this volatility, BTC remains in the uptrend zone, with buyers currently leading the sellers. The cryptocurrency is currently trading above the 21-day SMA, indicating that the bulls are in control of the market. The buyers are working to keep the price of BTC above the overhead resistance of $29,000.

If the bulls are successful, Bitcoin price should hit the psychological marker of $30,000, with further bullish momentum taking it to the highs of $31,000. However, if the bears manage to stop this bullish scenario, the bearish momentum could persist and push the price below the 21-day SMA. This could lead to increased selling pressure and a potential low of $25,200. If the price breaks below the $25,000 support level, the downtrend is likely to continue. Currently, Bitcoin’s price is at the 60 level of the 14-period Relative Strength Index, indicating that it still has room to rise further.

Bloomberg Senior Commodity Strategist Mike McGlone says Bitcoin is more decentralized than other cryptocurrencies, such as Ether, making it “untouchable” despite ongoing regulatory pressures on the crypto industry . In a recent conversation with crypto podcaster Scott Melker on April 3, McGlone argued that those without exposure to the cryptocurrency market are “seriously dumb.” Unlike other currencies, regulators cannot ban Bitcoin due to its decentralization.

Despite the positive outlook for Bitcoin, its price approached the $29,000 mark, with buyers aiming to revisit overhead resistance at this level. However, the price is approaching the overbought zone of the market, which could impact its uptrend. Nevertheless, in a strongly trending market, the overbought condition may not last.

Bitcoin continues to maintain its position as the number one cryptocurrency on Coinmarketcap based on its market capitalization, which remains unchanged from yesterday. Its dominance at 10 a.m. IST was 45.86%, a decrease of 0.22% from the previous day.

Altcoin market benefits from Ethereum show of strength against BTC

Ethereum (ETH) saw a 5.76% increase in price to $1,913.00, with a 24-hour trading volume of $11.67 billion. Sustained momentum in Ethereum’s price against Bitcoin could benefit the broader altcoin market, as it tends to thrive on ETH’s show of strength against BTC.

Ethereum: The second largest cryptocurrency by market cap.

If buying pressure increases from current levels, Ethereum price could rise 6% to challenge the next resistance level at $1,982. In a very bullish scenario, the altcoin could breach the $2,000 mark and hit the $2,093 resistance level, marking a 12% increase from the current price.

On-chain data analysis by IntoTheBlock indicates that the next significant resistance zone lies between $2,046 and $2,902, where over 8.5 million addresses previously bought over 26.69 million ETH at an average price of $2,537.

However, if profit takers decide to take early profits, Ethereum price could correct lower and break the $1,753 support level. This would expose ETH to further downside risk, leading to a free fall towards the 50-, 100-, and 200-day EMAs at $1,687, $1,603, or $1,589, respectively.

Altcoins follow Ethereum’s example

Three days after US Attorney John Deaton suggested an extended wait for summary judgment from Judge Analisa Torres, the price of Ripple (XRP) fell below what was once a crucial $0.507 support level. This news reduced the bullish momentum for XRP, leading to a bearish trend at the start of the month. However, community members remain optimistic and anticipate a favorable decision, which offers fringe investors the opportunity to buy the altcoin at discounted rates.

Altcoins refer to all cryptocurrencies other than Bitcoin.

If this group of buyers takes advantage of the situation, Ripple’s price could rally above the $0.507 resistance level, turning it into support before facing the $0.531 area. If XRP breaches this barrier, it could aim to hit late-March highs at $0.558, potentially paving the way for further gains.

Conversely, if the selling pressure increases, Ripple’s price may continue its downward trend, dropping below the $0.477 support level. In extreme cases, XRP could drop further to reach the level of $0.443, which would represent a drop of 12% from the current price.

Dogecoin (DOGE) was the top trending cryptocurrency for the second day in a row, with a 1.46% increase in price to $0.09776.

ICON (ICX) emerged as the top gainer, with a 16.52% increase in price to $0.4412 and a 24-hour trading volume of $682.96 million. UNUS SED LEO was the biggest loser, registering a 1.23% drop in price to $3.38, with a 24-hour trading volume of $1.25 million.

Tether (USDT) held a steady price, seeing no change in the past 24 hours and trading at $1, with a 24-hour trading volume of $33.88 billion. It ranked third on CoinMarketCap. Solana (SOL) saw a price increase of 3.84% to $21.22 in the last 24 hours.

Avalanche was trading at $18.13, up 5.95%, while its 24-hour trading volume was $187.48 million. Cardano (ADA) saw a price increase of 1.30% and ranks seventh, with a 24-hour trading volume of $375.43 million. Shiba Inu saw its price increase by 0.93% to $0.00001141.

Yearn.finance saw a 5.02% increase in price to $8,787.63 in the past 24 hours, while its 24-hour market cap was $288.17 billion. DeFi volume was $4.87 billion, which is 10.72% of the total 24-hour crypto market volume.

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