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Cryptocurrency News Articles
Crypto Market Crash: Bitcoin and Altcoins Plunge
Apr 02, 2024 at 01:00 pm
Today's crypto market has experienced a substantial downturn, with Bitcoin (BTC) and various altcoins witnessing significant losses. Despite attempts to breach key resistance levels, Bitcoin faced rejection, triggering a downward spiral in its price. This decline has impacted the broader crypto market, with altcoins also feeling the heat. However, certain assets have emerged as top gainers, showcasing resilience and garnering investor interest. Amidst this price bloodbath, let's explore the price movements of major cryptocurrencies and standout gainers in today's volatile market.
Cryptocurrency Market Plunges: Bitcoin and Altcoins Experience Steep Declines
The cryptocurrency market has been rocked by a severe downturn, with leading assets such as Bitcoin (BTC) and Ethereum (ETH) experiencing significant losses alongside a broad sell-off across altcoins.
Bitcoin's Failed Breakout and Downward Spiral
In recent trading sessions, Bitcoin (BTC) has encountered a formidable resistance barrier at the $70,000 mark. Multiple attempts to breach this critical level have been met with rejection, triggering a downward spiral in its price.
The price decline gained momentum as BTC broke below the $69,200 support level, causing a sharp decline. It swiftly dropped below $68,500 and continued its descent, breaching the $67,000 support level. Eventually, BTC tested the $66,000 support zone, forming a low near $65,992.
Currently, Bitcoin is attempting to recover, with its price moving above $66,800. However, it remains below $68,500 and the 100 hourly Simple Moving Average (SMA). A key bearish trend line is also forming with resistance near $68,400 on the hourly chart of the BTC/USD pair.
Immediate resistance lies near the $68,000 level, which aligns closely with the 50% Fibonacci retracement level of the recent downward move. A decisive move above this resistance area could pave the way for a fresh uptrend in Bitcoin's price.
If Bitcoin fails to surpass the $68,000 resistance zone, it might continue its downward trajectory. Immediate support is anticipated near the $66,000 level, followed by the crucial psychological level of $65,000. Further down, the first major support is situated at $65,000, closely followed by the $64,000 support level. A close below $64,000 could potentially trigger a more significant decline.
Altcoins Feel the Heat
The broader cryptocurrency market has not been spared from the downturn. Ethereum (ETH) experienced a 6.83% decrease, settling at $3,365.64 within a 24-hour period. Dogecoin (DOGE) mirrored this downward trend with a 12.91% loss, currently priced at $0.1879. Similarly, Litecoin (LTC) witnessed a substantial 12.87% dip, trading at $95.88. XRP also faced a downturn, standing at $0.5947 with a 5.25% loss. Solana (SOL) price depreciated by 9.39%, settling at $183.80.
Top Gainers Amidst the Red
Despite the overall market downturn, certain cryptocurrencies have managed to defy the trend and emerge as top gainers.
- Core (CORE): Price: $3.80; 24h Gain: 39.50%; Volume (24h): $697,937,578
- Bittensor (TAO): Price: $546.08; 24h Gain: 7.27%; Volume (24h): $67,439,469
- Bitget Token (BGB): Price: $1.08; 24h Gain: 3.50%; Volume (24h): $60,972,936
These gainers have exhibited notable price surges and attracted investor attention. Their resilience and positive momentum are noteworthy amidst the broader market volatility.
Conclusion
The cryptocurrency market has experienced a significant downturn, with Bitcoin and several altcoins witnessing substantial losses. The failure to breach key resistance levels has led to a bearish sentiment prevailing in the market. However, amidst this downturn, certain cryptocurrencies have stood out as top gainers, demonstrating resilience and upward movement. As the cryptocurrency market continues to evolve, investors should remain vigilant and closely monitor price movements to capitalize on potential opportunities while navigating the inherent risks associated with crypto trading.
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