Bitcoin Price Takes a Nosedive
On April 10, Bitcoin (BTC) displayed a dramatic flair for the unexpected by dropping nearly $200 in mere minutes—a move that left many crypto enthusiasts gaping at their screens. The price slid below $7,000 for the first time in four days, indicating that the weekend might not be so bright ahead.
Trapped in Tight Corridors
The data from Coin360 and Cointelegraph Markets revealed an intense drop from $7,150 to a low of $6,915, providing the most volatility the currency has seen in recent days. Presently, Bitcoin is clinging on for dear life around $6,960—less than ideal for those bulls out there hoping for a stampede.
Defensive Lines and Predictions
The $6,900 mark has become the bulls’ first line of defense. Trader Michaël van de Poppe believes that if this level crumbles, Bitcoin might soon find itself teetering towards the low $6Ks. “We might be getting a liquidity tap towards $7,500-7,700 area, after which I’m expecting a sharp decline,” he explained ominously. He warns that losing the $6,900 area might lead to an inevitable march towards $6,300!
The Market’s Mood: Extreme Fear
Meanwhile, the Fear & Greed Index is holding strong (or should we say weak?) at a reading of 15, indicating the cryptocurrency market remains engulfed in extreme fear. In contrast, traditional stocks are just feeling a little anxious with a fear reading of 43, as they brace for the epic conclusion of a wild week.
Market Capitalization in Decline
The overall cryptocurrency market capitalization has plummeted beneath $200 billion, which is equivalent to losing a hefty chunk of change. In the aftermath of their halving events, Bitcoin Cash (BCH) and Bitcoin SV (BSV) both nosedived by nearly 10%. Not to be outdone, Ether (ETH) slipped approximately 5.3%, showcasing that it’s not just Bitcoin experiencing rough tides. Currently, Bitcoin’s market dominance stands at a respectable 64.1%—but who knows how long that will last!
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