The Bitcoin (BTC) After a short recovery yesterday, the price fell sharply today. As a result, both bitcoin and altcoins are turning dark red. In this article you can read the crypto market update and read how the market is right now.
Bitcoin drops across the 50-day moving average
Starting with Bitcoin. The mother of all cryptocurrencies has managed to recover for a while, as in Bitcoin market update To read this morning. But soon the rally did not seem to be the start of another recovery. The price started declining sharply last night, which led to a further decline today.
On the Dutch trading platform Petavavo Do you Bitcoin price in euro Now $37,449, down 5% from 24 hours ago. With the current movement, Bitcoin sank in 50 days Moving Average (MA) It is not very beautiful. Still, BTC is now at an important point. Analyst BC Richfield tweeted that he is closely watching DXY (the US Dollar Index) and has the following scenario in mind:
“Roughly at the $40,644 level that was discussed yesterday and how the price will react here will be important to Bitcoin’s next move.
If the price loses this level, my first focus will be the block of daily orders below it around $39,300. “
Around the 40644 level discussed yesterday, price reaction here will be the key to Bitcoin’s next move.
If the price loses this level, my first point of interest is the daily orders block below at around 39300.
Watch DXY Dollars this too. https://t.co/kzRAgKOiB8 pic.twitter.com/CZeQt5f1OB
– BC Richfield (@BC_Richfield) April 11, 2022
Cryptocurrency market shrinks by $130 billion
When bitcoin goes down, most altcoins often fall even harder. This is the case now as well. Ethereum (ETH) It is down 7.4% in the past 24 hours and is now worth $3,015. Cardano (ADA) In a worse case, it fell 9.3% to $0.94.
As a result, the overall value of the crypto market drops significantly. Yesterday, all cryptocurrencies combined were worth over $2 trillion. The counter now stands at $1.85 trillion. Either way, the next few hours will be exciting, with Ethereum and Bitcoin at key price points.
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