Bitcoin’s price metrics hold firm support despite crypto dip

  • April 10, 2024
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Although some analysts predicted a sudden and big crypto dip in the market, Bitcoin’s price metrics did not decline as much, and its support stayed firm at $68,000.

A crypto dip occurred on April 9, which sent token prices to a mild decline. Amidst the dip, Bitcoin’s price metrics were relatively stable, which is evident from its support above $68,000. The momentum of the last few days has slowed down, although a quick recovery in the next few days cannot be ruled out. 

On a positive note, Bitcoin and many other altcoins did not witness a big price crash. Many analysts and experts were hinting at such an event, but the decline ended up being minor. Moreover, ETH is also trading above $3,500, with its market cap robust at above $437 billion. The crypto market movements in the next few days are uncertain, but active bulls may steer BTC ahead of $70,000 yet again.

Meanwhile, market intelligence firm CryptoQuant had an interesting take on the crypto market. It claimed the BTC’s demand growth will soon exceed halving event’s influence on the market. It said, “In past cycles, Bitcoin demand growth from large holders/whales (violet area) has spiked, fueling the price rally. Currently, demand growth is around the highest ever (11% MoM).”

 Bitcoin’s daily trading volumes were also static during the last 24 hours.

BTC/USD 1D price chart

Bitcoin is currently trading at around $69,000 on April 10, 2024, with BTC/USD trading lower by a margin of 2.5% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.35 trillion in the last 24 hours.

BTC/USD is trading above its 20-day EMA (68,123.32), as BTC’s 24-hour volume was at around $33 billion. The global crypto market cap decreased by around 2.64%, trading above $2.59 trillion. BTC’s year-to-date returns are at 64.47%

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