As April wraps up, Bitcoin‘s price remains stagnant around $94,000, with minimal movement observed over the weekend. While altcoins have shown mixed results, Ethereum is still struggling to break through the critical $1,820 level, causing concern among traders as some altcoins retrace Friday’s gains.
What Challenges Does Bitcoin Face?
Bitcoin (BTC) has made unsuccessful attempts to breach the $95,000 mark on three occasions, creating doubts about its immediate recovery. Regaining previous support levels from February, which became a point of significant selling pressure, is proving to be a substantial challenge.
How Are Other Cryptocurrencies Performing?
Recent developments indicate a decline in bullish momentum, as evidenced by the appearance of red candles after a series of positive days. However, sustaining the $92,000 level shows promise, with the next significant support anticipated around the $88,000 mark.
Market dynamics are demanding clear actions concerning tariffs to bolster investor confidence. Additionally, inconsistent news from China has created hurdles for risk markets.
The cryptocurrency fear index has moved to a neutral position at 53, suggesting a balance in market sentiment. This stabilization is encouraging, especially as the overall market capitalization of cryptocurrencies hovers at $2.95 trillion, despite a total trading volume of nearly $68 billion that limits significant upward movements.
The altcoin season index currently stands at 15, indicating a preference for Bitcoin over altcoins. Leading the week’s performance are VIRTUAL and TRUMP Coin, both achieving over 80% gains, while others like BRETT and SUI also enjoy significant increases.
- Bitcoin remains below the key $95,000 resistance level.
- Market sentiment is neutral, as indicated by the fear index at 53.
- Concerns over tariffs and ambiguous news from China impact trading activities.
- High volatility is anticipated, discouraging investors from entering the market.
The recent week has shown mixed fortunes for various cryptocurrencies, with some experiencing substantial gains while others faced losses. As the market braces for the upcoming week, signs of potential volatility suggest traders should remain cautious and vigilant.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/will-bitcoin-reclaim-its-momentum-soon