. Daily Crypto Analysis - Bitcoin surges, altcoins struggle.

Daily Crypto Analysis – Bitcoin surges, altcoins struggle.

Daily Crypto Analysis – Bitcoin surges, altcoins struggle.

02 Apr 2024

Introduction

Bitcoin (BTC) appears to be consolidating below the $70,000 mark, with a potential pullback. The anticipation of the fourth halving event has spurred an increased hash rate, indicating bullish sentiment among miners. Meanwhile, XRP struggles below $0.60 amid Ripple’s legal battle with the SEC, while Ethereum and Litecoin also face downward pressure, signaling bearish sentiment in the altcoin market.

Markets In Focus Today – BITCOIN

BTC’s retest of $68,500 could confirm the conclusion of the pullback period ahead of halving.

Bitcoin price remains below $70,000, with the current pullback likely to bottom out at $67,711.BTC hash rate has tripled as miners count roughly 21 days to the fourth halving. Bitcoin (BTC) price slumped during the early hours of the US session, blowing millions in positions out of the water. Trading volumes remain low as markets come out of a long weekend, toned by the Easter holiday. As April starts, the countdown to the halving becomes a stronger headline with retail already taking their positions. Bitcoin price dropped during the early hours of the New York session on Monday, bottoming out at $68,200. The move saw nearly $250 million in total liquidations across the market. It comes as the market walks into the Bitcoin halving month, with the event barely three weeks out.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 68883.1948 | Negative Crossover | Bearish
  • MA 20 : 67953.7310 | Negative Crossover | Bearish
  • MA 50 : 62863.5363 | Positive Crossover | Bullish

Simple :

  • MA 10 : 69482.9600 | Negative Crossover | Bearish
  • MA 20 : 68047.9505 | Negative Crossover | Bearish
  • MA 50 : 62823.9614 | Positive Crossover | Bullish

RSI (Relative Strength Index): 49.2785 | Buy Zone | Bullish

Stochastic   Oscillator : 76.4806 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 73797.2651 R2 : 77652.6083
  • S1 : 61316.4083 S2 : 57461.0651

Overall Sentiment : Neutral Market Direction : Buy

Trade Suggestion: Limit Buy: 65598.14 | Take Profit: 68748.82 | Stop Loss: 63740.29

RIPPLE

XRP price drops below psychologically important level while Ripple CLO weighs evidence presented by SEC.

XRP price plummeted below the psychologically important $0.60 level on Tuesday. Ripple CLO Stuart Alderoty weighed the SEC evidence considered by Judge Analisa Torres before the July 13 ruling. Alderoty defends the XRP token’s non-security status and backs his claims with documents from the Coinbase lawsuit. Ripple (XRP) price slipped below the key psychological level of $0.60 on Tuesday for the first time in nearly 10 days. The altcoin posted a second consecutive day of losses as market participants and key players still debate Coinbase’s legal loss against the US Securities and Exchange Commission (SEC). The SEC’s lawsuit against Coinbase impacts the regulator’s lawsuit against Ripple and weighs heavily on the outcome since the cases rely on XRP’s security status.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.6182 | Negative Crossover | Bearish
  • MA 20 : 0.6206 | Negative Crossover | Bearish
  • MA 50 : 0.6072 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.6228 | Negative Crossover | Bearish
  • MA 20 : 0.6231 | Negative Crossover | Bearish
  • MA 50 : 0.6040 | Negative Crossover | Bearish

RSI (Relative Strength Index): 44.7901 | Neutral Zone | Neutral

Stochastic   Oscillator : 44.2882 | Neutral Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.7188 R2 : 0.7667
  • S1 : 0.5638 S2 : 0.5159

Overall Sentiment: Bearish Market Direction: Sell

Trade Suggestion : Limit Sell: 0.604 | Take Profit: 0.546 | Stop Loss: 0.647

ETHEREUM

Ethereum posts second day of losses.

Ethereum price falls for a second consecutive day as bears ignite $91.91 million of liquidated positions. Past gains during the year’s second quarter can be a positive amid uncertainty in SEC’s Ethereum ETF approval. Founder Vitalik Buterin explains the key steps for “The Purge” on Ethereum. Ethereum’s (ETH) price reached a low of $3,362 on Tuesday after a decline in Bitcoin sent a large part of the crypto market into the red zone. ETH started the second quarter in the red, although historical data suggests that Q2 has been an averagely good month for the largest altcoin.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3502.2181 | Negative Crossover | Bearish
  • MA 20 : 3515.9648 | Negative Crossover | Bearish
  • MA 50 : 3341.5180 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3521.4620 | Negative Crossover | Bearish
  • MA 20 : 3517.9825 | Negative Crossover | Bearish
  • MA 50 : 3402.1134 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 44.6913 | Neutral Zone | Neutral

Stochastic   Oscillator : 71.2946 | Neutral Zone | Negative

Resistance   And Support Levels :

  • R1 : 3993.8064 R2 : 4237.0303
  • S1 : 3206.4203 S2 : 2963.1964

Overall Sentiment: Bearish Market Direction: Sell

Trade Suggestion: Limit Sell: 3444.17 | Take Profit: 3206.08 | Stop Loss: 3624.55

LITECOIN

Litecoin Falls 11% In Bearish Trade.

Litecoin was trading at $98.993 by 22:00 (02:00 GMT)on Tuesday, down 11.05% on the day. It was the largest one-day percentage loss since August 17, 2023. The move downward pushed Litecoin’s market cap down to $7.346B, or 0.28% of the total cryptocurrency market cap. At its highest, Litecoin’s market cap was $25.609B.Over the past seven days, Litecoin has seen a rise in value, as it gained 8.7%. The volume of Litecoin traded in the twenty-four hours to the time of writing was $1.307B or 1.25% of the total volume of all cryptocurrencies. It has traded in a range of $92.4151 to $112.6525 in the past 7 days.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 98.0752 | Positive Crossover | Bullish
  • MA 20 : 94.2057 | Positive Crossover | Bullish
  • MA 50 : 86.8419 | Positive Crossover | Bullish

Simple :

  • MA 10 : 98.0130 | Positive Crossover | Bullish
  • MA 20 : 91.9141 | Positive Crossover | Bullish
  • MA 50 : 84.5440 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 57.8853 | Buy Zone | Bullish

Stochastic   Oscillator : 70.3100 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 110.4049 R2 : 118.9316
  • S1 : 82.8015 S2 : 74.2748

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 96.77 | Take Profit: 105.75 | Stop Loss : 91.91

Elsewhere In The Crypto Market

Bitcoin is down (4.77%) at 66375, Ethereum is down (4.63%) at 3,343, Litecoin is up (0.92%) at 100.18, Solana is down (2.61%) at 184.75, Dogecoin is down (9.96%) at 0.184.

Key Economic Events & Data Release Today:

(EUR) German Manufacturing PMI (Mar) Forecast 41.6, Previous 42.5 at 13:25. (GBP) Manufacturing PMI (Mar) Forecast –49.9, Previous –47.5 at 14:00. (GBP) German CPI (MoM) (Mar) Forecast 0.5, Previous 0.4% at 17:30. (USD) JOLTs Job Openings (Feb) Forecast 8.760M, Previous 8.863M at 19:30.