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Highlights
- The Bitcoin Greed and Fear Index at 78% assures the broader market sentiment remains bullish.
- The double bottom pattern sets the XRP price rally to chase to $0.75 high.
- The TAO needs an overhead resistance breakout to end the current correction trend.
Crypto Price Prediction: The uncertainty in the cryptocurrency market prolongs as Bitcoin grapples to break above $72000. The supply pressure triggered a nearly 3.5% loss on April 9th, reflecting its second reversal within three weeks.
This selling pressure also picked up momentum in yesterday’s US trading hours as spot BTC ETF recorded a notable outflow. Bitcoin ETFs registered a net outflow of $19M on April 9, 2024, maintaining a slight negative trend, Spot On Chain reports. BlackRock’s iShares Bitcoin Trust saw a rise in inflows to $128.7M, despite being below the 28-day average. Grayscale Bitcoin Trust outflows halved to $155M from $303M.
Furthermore, cryptocurrency trading volume hit a high on March 6th but has since been on the decline, as per Santiment’s analytics. This downturn in volume is linked to a lack of clear market direction from mid-March, leading to lower trader confidence. Santiment suggests that once cryptocurrencies like Bitcoin and Ethereum show a consistent trend, trading volumes are likely to increase again.
📊 Trading volume in #cryptocurrency peaked on March 6th, and has gradually been declining since. This appears partly due to the ranging pattern that began in mid-March, causing less confidence in traders making the right decision. Once #Bitcoin, #Ethereum, and other top caps… pic.twitter.com/rs5OjWEVh1
— Santiment (@santimentfeed) April 9, 2024
Also Read: 4 Trending Crypto Investors Are Selling Before End Of The Week
1)Bitcoin (BTC)
Operating on a decentralized blockchain, Bitcoin offers a peer-to-peer network that eliminates the need for intermediaries like banks. Its fixed supply cap of 21 million coins is a hedge against inflation, setting it apart from traditional fiat currencies.
The Bitcoin price has been riding volatile seas for over a month now, resonating between the $73800 and $60000 horizontal levels. Currently trading at $68737, the Bitcoin price shows a slight downtick with a 0.6% intraday loss. The market cap for the largest cryptocurrency asset stands at $1.35 Trillion, while the 24-hour trading volume wavers at $33.1 Billion.
With less than 10 days for Bitcoin halving, the market sentiment may witness heightened volatility with overhead resistance at $72000 and $73800, and immediate support at $64500 and $60000.
Also Read: Will Bitcoin Kill Gold for Real?
2) XRP
XRP, created by Ripple Labs, is a digital asset built for global payments, designed to facilitate fast, low-cost cross-border transactions. Unlike Bitcoin, XRP does not rely on the traditional proof-of-work model but operates on a consensus protocol that significantly reduces transaction time and energy consumption.
Amid the current market consolidation, the XRP price has shown notable resilience above $0.567 support, evidenced by the two reversals within three weeks. A recent reversal from this support propelled the altcoin $0.613, registering a 9% intraday gain. An analysis of the daily chart shows this reversal as the formation of a double bottom pattern.
The XRP coin market cap stands at $33.7 Billion, while the trading volume has surged to $2.7 Billion since yesterday. Under the influence of a bullish pattern, the coin buyers may break the $0.66 resistance to drive a rally to $12.5% to hit $0.75.
Also Read: Expert Links Ripple Stablecoin Ambitions to Tether’s Success
3) Bittensor (TAO)
Bittensor is a blockchain-based protocol designed to create a decentralized network of machine learning models. The project’s standout feature is its incentive structure that rewards nodes (or ‘neurons’) for contributing processing power and data to a global neural network.
The TAO coin entered the current correction trend in March’s second week when its price reverted from the $756 mark. The downfall guided by a downsloping trendline has tumbled the altcoin 20% within five weeks to reach $611.
The current market cap of Bittensor is at $4.027 Billion entering the top 30 largest cryptocurrencies. With the overhead supply intact, the TAO price shows another reversal from the downsloping trendline.
A potential reversal may plunge the coin price to a $480 swing low, followed by a prolonged downfall to $400.
Key Takeaway
The cryptocurrency market continues to witness a lack of initiation from buyers or sellers, leading to a sideways action in the majority of major coins. Thus, the upcoming Bitcoin halving seems to be the catalyst to break the market uncertainty and provide new entry opportunities to sidelined traders.
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