Crypto News: Bitcoin Price Crashes and Demand for New Altcoins Rises

The price of Bitcoin collapsed in the early hours of Tuesday in Asia, with the largest cryptocurrency falling to $65,500 on some exchanges.

The BTC price is now down almost 7% since the beginning of April and is expected to see two consecutive red days to start the month.

Data from CoinGlass reveals that more than $312 million in long Bitcoin positions were liquidated during the crypto crash today.

The bearish start to April is creating a sense of panic among short-term traders, which could lead to increased selling pressure on BTC.

However, new altcoins – especially pre-sale tokens such as Bitcoin Minetrix And Dogecoin20 – are not affected by the short-term downward trend. These new crypto coins continue to see a surge in demand as investors continue to seek outsized returns during the bull market.
Why is crypto down today?
The price of Bitcoin achieved a historic feat in March. For the first time since, BTC has recorded 7 consecutive green months, witnessing monthly gains since September 2023. Therefore, smart money traders believe that today’s crypto crash could simply be a natural correction before another bullish continuation.

Traders also identified a major CME gap that could create huge selling pressure on BTC. Gaps in CME occur when there is a significant difference between the price of BTC at the closing time of the Chicago Mercantile Exchange on Friday and at the opening time on Monday.

Currently, there is a major gap in CME in the $64,100-$66,370 region and could be filled during this downward move. Market makers could also look to capture the liquidity pool that exists in the $61,000 to $63,000 range. Analysts such as Doctor Profit reveal that these levels could present excellent dip buying opportunities for investors.

Why are analysts still optimistic about the price of Bitcoin?
Smart money traders aren’t panicking today about the crypto crash – at least not yet. A weekly close below the lower bound of the CME gap – which stands at $64,100 – would be a different story.

Bitcoin bulls are also hoping to successfully retest the 4-hour 200 exponential moving average, which currently stands at $65,500.

In particular, the High value area of the first quarter of 2024 was close to $66,000. This downward move could retest this level and a successful rebound could pave the way for higher VAH in the second quarter.

For now, experts believe that the price of Bitcoin is poised for an explosive rise, potentially even to $88,000.

Demand for new Altcoins remains strong – Dogecoin20, Bitcoin Minetrix ICO
This bull market was marked from the start by significant demand for low-caps and new cryptographic coins. In particular, new meme coins continue to generate outsized returns and attract considerable hype.

For example, Dogecoin20 ($DOGE20) – a new ERC-20 version of Dogecoin – quickly raised over $10 million during its pre-sale phase. The new meme coin is expected to launch on Doge Day, which falls on April 20. Doge-inspired tokens typically surge ahead of this day, providing the perfect backdrop for a successful launch.

DOGE20 on-chain staking The program – which currently offers an APY of over 66% – is said to be one of the main factors behind its initial demand. Analysts believe that Dogecoin20 could potentially be the next 100x meme coin.

Another new altcoin – Bitcoin Minetrix – is also experiencing strong fundraising, having already raised nearly $13 million during its pre-sale.

Bitcoin Minetrix is ​​a cloud mining platform that mines BTC on behalf of investors and distributes profits in proportion to their initial investment. This eliminates the technical expertise and capital investment required in the crypto mining industry and allows retail investors to compete for mining rewards.

With the price of Bitcoin expected to rise in the coming months, the mining industry is poised to become extremely profitable. Therefore, analysts believe that Bitcoin Minetrix could outperform after its launch.

Fuente