“Bitcoin fell below the $29,000 level over the past 24 hours following the release of higher than expected UK inflation figures, which showed a 10.1% rise over the 12-month period. This sent BTC to its lowest point since April 10. The next major support now lies at the $28,500 level,” said Edul Patel, co-founder and CEO of Mudrex.
"As is typical with unexpected events, the market reacted, causing investors to move away from riskier assets. It may take time for investors and traders to assess the potential impact of inflation data and recover from the event. Edul added.
Other major crypto tokens were also trading lower. Litecoin declined almost 10%. Meanwhile, BNB, XRP, Polygon, and Polkadot all traded lower. the global cryptocurrency the market capitalization was trading down around $1.22 trillion, falling 3.92% in the last 24 hours.
The market capitalization of Bitcoin, the world's largest cryptocurrency, was around $560 billion. BTC volume stood at approximately $2.581 billion, increasing 35.65% in the last 24 hours. Bitcoin dominance is currently at 46.10%, up 0.10% over the day, according to CoinMarketCap.
“BTC is currently trading below $29,000 and its 20-day EMA. Unless it picks it up soon, there may be a period of consolidation and volatility in the markets. These dips may be an opportunity for long-term holders to strengthen their positions". Vikram Subburaj, CEO of Giottus, said.
Rajagopal Menon, Vice President of WazirX, said: "Major market oscillators point to neutral sentiment. The Relative Strength Index (14) sits at 52, with a neutral outlook. The Stochastic %K (14, 3, 3) indicates "Sell." at 49 and the average directional index (14) indicates a neutral outlook at 37". "The MACD level (12, 26), at 736, indicates sell. 16 and William's percentage is also neutral at −67," Menon added.
Crypto Cart: Fast Look (Fountain: coinmarketcap.comdata at 12.08 hours, IS on April 20, 2023)
bitcoin | $29,020 | -3.60%
ethereal | $1,960 | -5.60%
tether | $1.00 | 0.04%
BNB | $326 | -3.94%
XPR | $0.4982 | -5.22%
Cardano | $0.4197 | -3.84%
polygon | $1.10 | -6.29%
dogecoin | $0.09117 | -2.04%
sunny | $22.90 | -6.16%
polka dots | $6.41 | -6.17%
shiba inu | $0.00001094 | -4.75%
Litecoin | $91.15 | -9.88%
Throne | $0.06645 | -0.39%
(Note: price change in the last 24 hours)
(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are my own. These do not represent the views of The Economic Times)
