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Cryptocurrency Price April 3: Bitcoin Falls Below $66,300; Ethereum, XRP Lose Up To 2%
Major cryptocurrency tokens traded mixed with a negative bias on Wednesday. Bitcoin, Ethereum, BNB, XRP, DogecoinCardano and Toncoin were in the red, while Solana, Shiba Inu, Chainlink, Internet Computer, Litecoin, and NEAR Protocol were in the green. At 11:30 a.m., Bitcoin was down 0.6% to $66,290 after a dip to the $64,500 region, while Ethereum was down 1.8% to $3,302.
Meanwhile, the cryptocurrency market decline has also been influenced by recent US economic data, especially positive manufacturing and labor market data, which have raised the possibility that the Fed may postpone rate cuts.
“Bitcoin’s fall below $65,000, marking its lowest point since March 24, comes amid a surge in the dollar index fueled by strong U.S. factory data,” said Edul Patel, CEO of Mudrex.
“Bitcoin’s ability to hold above $65,000 levels is key to mitigating further declines, with a breach potentially leading to a slide towards $63,500. Conversely, a move above $68,000 could pave the way for Bitcoin to target the $71,000 resistance zone,” Edul added.
Meanwhile, CoinDCX research team said: “In the past 24 hours, the cryptocurrency market has been experiencing a downturn without a clear catalyst. Factors such as BTC ETFs Outflows and a large transfer of BTC seized by the US government contributed to the decline.”
The global cryptocurrency market capitalization fell 0.36% to around $2.5 trillion over the past 24 hours.
Total DeFi volume is currently $12.06 billion, which is 9.66% of the total cryptocurrency market volume in 24 hours. The volume of all stablecoins is now $116.84 billion, which is 93.54% of the total cryptocurrency market volume in 24 hours, according to data available on CoinMarketCap.
In the last 24 hours, the market capitalization of Bitcoin, the world’s largest cryptocurrency, has fallen to $1.3 trillion. Bitcoin’s dominance currently stands at 52.15%, according to CoinMarketCap. BTC volume in the last 24 hours has fallen 10.3% to $46.7 billion.
“Bitcoin technical indicators are reflecting the current market conditions. The hourly MACD is showing a loss of momentum in the bearish zone. The hourly RSI of BTC/USD has dropped below the pivotal 50 level, indicating a potential downtrend. The major support levels are identified at $65,200 and $64,500, while the notable resistance levels are at $66,000, $67,200, and $67,950. Traders are closely monitoring these levels for potential market moves,” said Rajagopal Menon, Vice President WazirX.
(Disclaimer: Recommendations, advice, opinions and views provided by experts are personal. They do not represent the views of The Economic Times)
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