Bitcoin Remains in a Bearish Pattern, While Investor Sentiment Continues to Shift

The crypto market is experiencing sharp price swings, whale selloffs, and legal developments involving major players. Bitcoin remains in a bearish pattern

The crypto market continues to experience significant price swings, with Bitcoin remaining in a bearish pattern according to technical analysis. As investor sentiment shifts amid macroeconomic concerns and liquidity issues, the industry faces new legal developments.

Bitcoin Remains in Bearish Trend Despite Recent Gains

As of the most recent report, BTC price was valued at $84,336.30, just 0.4% up from the previous day. The daily volatility ranged from $83,592.79 to $85,311.80.

On the other hand, Ethereum closed at $1,588.68 after a 1.1% dip. Other digital currencies also went down; Cardano dropped to $0.6130, while SUI dropped to $2.11. Concurrently, XRP price has also swayed between a weekly high and low of $2.25 and $2.07.

Solana (SOL) defied the broader crypto market trend by gaining 3.7%, trading at $132.69. The altcoin experienced a daily low of $124.95 and a high of $133.60. Janover, a fintech company, doubled its Solana holdings, spending $10.5 million on an additional 80,567 tokens. The firm plans to stake the assets to earn rewards and expand its digital treasury strategy.

Dogecoin Whale Sell-Off and OM Token Collapse

Large holders of Dogecoin sold over 570 million DOGE tokens this past week. This sell-off caused DOGE’s price to drop 7.2%, falling from $0.1680 to $0.15594. On-chain data from Santiment shows these whales held between 10 million and 100 million DOGE each.

Meanwhile, the OM token from Manta crashed by more than 90% on April 13, falling from $6.30 to below $0.50. Bitget CEO Gracy Chen noted that concentrated holdings and poor weekend liquidity led to forced liquidations.

“The OM token crash exposed several critical issues that we are seeing not just in OM, but also as an industry,” said Chen.

The OM collapse triggered concerns about liquidity risks during low trading periods. It has drawn comparisons to past black swan events such as the Terra-Luna crisis.

The crypto market is known for its high volatility, which can be exacerbated by macroeconomic factors, major price movements, and whale activities. As investor sentiment continues to shift, the industry faces new challenges and opportunities.

According to the Coinbase monthly report on the market outlook as of April, the crypto market might continue to be pressured until Q3 this year.

After a sharp decline, Bitcoin (BTC) is showing signs of recovery, trading above the crucial $20,000 level. As the cryptocurrency market experiences heightened volatility and macroeconomic concerns, investors are closely watching key trends and technical indicators to gauge the market sentiment.

Recently, there has been a shift in investor sentiment, with pessimism on the rise. This is evident in the increasing number of retail traders who are expecting Bitcoin to fall further in the short term.

In the past week, pessimism among retail traders has shot up. The latest report by CCChartData, a crypto market analysis platform, shows that nearly 57% of traders on TradingView are now bearish on BTC in the short term. This represents a significant increase from the previous week, where only 38% of traders were pessimistic.

On the other hand, bullish sentiment has decreased slightly, with 33% of traders expecting Bitcoin to rise further. The remaining 10% of traders are neutral on the market’s direction.

The strong bearish sentiment is surprising considering that Bitcoin's price has remained relatively stable in recent days, trading in a narrow range. It is also worth noting that the majority of traders on TradingView are new to cryptocurrency trading, suggesting that their opinions may be influenced by market rumors and short-term price movements.

Bitcoin Price Movement:

The flagship cryptocurrency is currently trading at $20,017, showing a 0.3% increase over the past 24 hours. Despite the recent gains, BTC is still down by 0.9% for the week.

The world’s leading cryptocurrency has been struggling to break out of a bearish pattern. It has remained below the simple moving average of 200 days since late March.

According to technical analysis, when an asset trades below its 200-day SMA, it is considered to be in bear market territory. However, if the asset manages to close above this crucial MA, it could signal a bullish pattern and attract more buyers.

The post Crypto Market Today: Bitcoin in Bear Pattern, Dogecoin Whale Sells-Off, and SEC Pauses with Ripple for Settlement Talks appeared

News data source: kdj.com

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