Bitcoin bulls return after BTC bounces at a key support level

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A wave of selling took hold in the cryptocurrency market on April 7, after the price of bitcoin (BTC) dropped below $56,000.

The market-wide sell-off resulted in a $1.4 billion sell-off, and some analysts have suggested that this could be the final push for traders with long and very high exposure before bitcoin can cross the $70,000 mark.

Daily chartBTC/USDT. Source: TradingView

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One sign that the market has moved higher over the past week is the rapid rise in the kimchi premium, which we reacted to on the 7th. April was followed by a seven percent drop in the price of BTC, with traders fearing that this is a signal for a market top.

Despite the market slowdown, analysis of blockchain data suggests that bitcoin may soon reach a new all-time high, as the number of whales, miners and long-term holders has decreased or stopped selling altogether and institutional demand remains strong.

Traditional markets at the top

Equity markets traded near record highs on Tuesday as accelerating job growth, record activity in the services sector and expansion in manufacturing sent unexpected optimism spurring share prices higher.

Despite the positive news, the Dow and NASDAQ closed 0.06% and 0.16% lower, respectively, while the S&P 500 ended the day 0.06% higher.

The inscription of the foot of the pieceoffers a small relief

Several altcoins rose throughout the day after Coinbase announced that 1INCH, Enjin (ENJ), New Kind of Network (NKN) and Origin Protocol (OGN) will be listed on Coinbase Pro.

As of today, inbound transfers are available for 1INCH, ENJ, NKN & OGN in regions where trading is supported. Traders cannot place orders and no orders are executed. Trading begins at 9 p.m. or after 9 p.m. on the 9 days that liquidity conditions are met. https://t.co/L5KlZvMiuA.

– Coinbase Pro (@CoinbasePro) April 7, 2021

Following the share price announcement, 1INCH and ENJ posted modest gains of 5%, while Origin Protocol rose 10% and NKN rose 27%.

Solana (SOL) is also up 10%, while Ethereum (ETH) is down 7% to below $2,000.

Daily indicators for the crypto-currency market. Source : coin360

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The total capitalization of the cryptocurrency market is currently $1.90 trillion and bitcoin dominates with 55.6%.

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Cointelegraph.com. Every investment and every transaction involves risk. You should do your own research before making a decision.

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Emilia James
By Emilia James

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