The majority of cryptocurrency traded down on Sunday Eastern. Bitcoin, which leads the pack, couldn’t shake off the retreat.
According to Sunday’s market cap, all crypto currencies had $1.87 trillion. That is 0.69 percentage less than the previous day.
There are still expectations that Bitcoin (BTC), which has seen price compression become the most prominent chart feature for the Easter weekend so far, will fall in the near term. This should save worried traders from another drop below $40,000.
According to Coingecko data, BTC traded at $40,444.29 Sunday. This was a 5.5% drop in value over the past seven days.
In the past 24 hours, the total volume in cryptocurrency markets was $49.62 Billion. This is a decrease of 19.67%. DeFi accounts for 10.60% in total volume, and is $5.26 Billion.
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Bitcoin contracting range
TradingView data shows that BTC/USD traded in a tight range, with a maximum of $40,000.00 on Saturday and Sunday.
The holiday season started and the pair saw little movement as US equity markets closed during the Lenten week. This allowed crypto to stay out of correlation-based volatility.
The price consolidation follows a week of bearish pressure that pushed the world’s most valuable cryptocurrency towards critical support levels.
The recent price consolidation comes after a losing streak of two weeks in which Bitcoin lost approximately $10,000.
According to CoinMarketCap data, the world’s largest cryptocurrency presently holds a 41 percent market share, a decline of 0.07 percent.
BTC market capitalization at $787.44 Billion according to the Weekend Chart | Source: TradingView.com
BTC making higher lows
By analyzing market movements, Kevin Svenson, a well-known bull on social media, warned that current chart behavior resembled the period immediately preceding Bitcoin’s bear market meltdown in late 2018.
While that occurrence followed a lengthy run of lower lows throughout the year, he highlighted that Bitcoin has been making higher lows in 2022, but it would not take much for the tables to turn and “capitulation” to enter.
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Analyst: Bitcoin Won’t Hit The Dreaded $24K
Popular crypto researcher PlanB said on Friday, in spite of recent slowness, that BTC would not fall to its realized values.
Their statements come as the world’s most valuable cryptocurrency fell sharply earlier this month from its 2022 highs. BTC trades around 20% below its current year-to date highs, and has dropped more than 40% since November’s record high.
PlanB mostly dismissed concerns that BTC would plummet as low as $24,000 within a few days. They noticed that the last three times such an incident took place, it was in conjunction with a so-called “black swan” event involving the crypto.
According to the expert, a strong spike in negative sentiment is required for market growth.
Featured image taken from 123rf.com. Chart from TradingView.com.