The crypto market tanked over the past 24 hours, with the market cap declining almost 3% to $2.63 trillion as bearish sentiment returned. Bitcoin (BTC) peaked at a local high of $86,397 before investors began booking profits. As a result, the flagship cryptocurrency slipped below $85,000, falling to a low of $83,211 before registering a marginal recovery and moving to its current level.
BTC is down over 2% and trading around $83,400. Ethereum (ETH) also registered a substantial 4% decline and fell below $1,600 to its current level of $1,572. Meanwhile, Ripple (XRP) is down almost 4%, struggling to maintain its position above $2 despite facing growing selling pressure. Solana (SOL) also registered a substantial decline and fell below $130 to its current level of $125.
Nearly all cryptocurrencies traded in the red, with Dogecoin (DOGE), Stellar (XLM), Chainlink (LINK), Toncoin (TON), Cardano (ADA), Hedera (HBAR), Litecoin (LTC), Polkadot (DOT), and others registering notable declines.
China Offloading Seized Crypto To Top Up Coffers
Local governments in China are exploring ways to offload seized crypto as the economy slows. However, they have reportedly run into problems thanks to the country’s ban on crypto trading and exchanges. The lack of rules around how seized crypto can be handled has led to an inconsistent and opaque approach that could lead to corruption. Local governments are using private companies to sell the seized assets in offshore markets in exchange for cash. Local governments across China hold 15,000 BTC worth $1.4 billion, with the asset’s sale becoming a major source of revenue.
China holds 194,000 BTC, worth around $16 billion, and is the second-largest Bitcoin holder behind the US. Zhongnan University of Economics and Law professor Chen Shi believes the sale of these assets is a makeshift solution that does not align with China’s ban on crypto trading. Meanwhile, Shenzhen-based lawyer Guo Zhihao believes China’s central bank is better positioned to deal with seized digital assets.
Crypto Prices May Stabilize In Late Q2, Rebound in Q3
A Coinbase report warned that crypto may be entering a new bear market. However, the firm expects prices to stabilize in late Q2 and potentially rebound in Q3. Coinbase noted in its monthly report that the total crypto market cap, excluding Bitcoin, has dropped 41% from its peak of $1.6 trillion in December 2024 to around $950 billion. Additionally, venture capital investment in crypto remains 50%-60% below the levels seen in the 2021-2022 cycle. These developments combined with global tariffs and ongoing economic uncertainty have put pressure on the market, particularly for altcoins. Investors consider a bear market as a 20% price drop. However, Coinbase does not believe the same rule applies to crypto.
Instead, it advocates using risk-adjusted returns and the 200-day moving average to understand long-term market shifts.
South Korea Asks Apple To Block Crypto Apps
South Korea’s financial regulator has asked Apple to block 14 crypto-related apps, citing their parent company’s unreported status. The move comes after Google was asked to block 17 apps by the country’s Financial Services Commission in a similar development last month. According to the official notice, the regulator requested Apple to block domestic access to overseas unreported virtual asset operators through Apple apps. Crypto platforms, including KuCoin and MEXC, are included in the block request. The block means users in South Korea will no longer be able to install the apps, and existing users will not receive key updates. The regulator noted in its statement,
“In the future, in order to prevent money laundering risks and user damage, FIU will continue to block domestic access through mobile applications (apps) and internet sites of overseas unreported virtual asset operators through consultation with relevant organizations.”
Semler Scientific To Raise $500M To Boost Bitcoin Holdings
Semler Scientific is preparing to purchase more Bitcoin just two months after the healthcare tech firm increased its holdings to 3,192 BTC. According to an SEC filing, Semler Scientific plans to raise up to $500 million through a new securities offering to boost its BTC holdings. The filing allows the firm to issue various securities, including common stock, preferred stock, debt securities, warrants, and units over time. Semler plans to use the proceeds for general corporate purposes including the acquisition of BTC. Additional uses include working capital, research expenses, and potential investment in technologies that complement its core business.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) has lost momentum over the past two sessions, declining after it reached an intraday high of $86,512 on Tuesday and settling at $83,701. As a result, BTC’s steady rebound over the past week could lose steam unless buying pressure at lower levels returns. BTC previously faced selling pressure but held its ground above $80,000, indicating strong support at this level. While the price has dropped below $85,000, on-chain metrics suggest the recent uptrend could continue. BTC’s resilience is underpinned by several crucial metrics, with CryptoQuant analysts stating the flagship cryptocurrency remains undervalued in the current cycle.
The CryptoQuant analysis points to declining exchange reserves, a steady stablecoin supply ratio indicating the availability of liquidity for new purchases, and normalized funding rates suggesting a reduced risk of overheated market conditions. The most significant development is the reduction in exchange-held Bitcoin reserves, which have returned to levels last seen in 2018. According to the CryptoQuant analyst, the reduction implies a shift towards long-term holding, limiting the immediate supply available for sale and contributing to a price increase. Additionally, data has shown that Bitcoin bulls are positioning aggressively on Binance.
According to CryptoQuant community analyst Maartun, Bitcoin taker buyers have dominated Binance over the past few days, as seen in the “Net Taker Volume” indicator. The indicator measures the difference between the taker buyer and taker seller volume on any given exchange. When the indicator shows a positive value, it means taker buyers outweigh taker sellers on the platform, implying a bullish sentiment among traders.
BTC registered a sharp decline at the end of the previous weekend, plunging over 6% on Sunday, slipping below $80,000 and settling at $78,301. The flagship cryptocurrency encountered volatility on Tuesday, falling to a low of $74,393 and then rebounding to go past $80,000 before settling at $79,165, ultimately registering an increase of 1.10%. However, sellers regained control on Tuesday as the price fell almost 4% to $76,279. Markets rallied on Wednesday, and BTC surged over 8% to reclaim $80,000 and settle at $82,600. BTC’s rally lost momentum on Thursday as the price dropped 3.64%, slipping below $80,000 and settling at $79,592.
Source: TradingView
Sentiment changed on Friday as buyers returned to the market. As a result, BTC rose almost 5% to reclaim $80,000, cross the 20-day SMA and settle at $83,370. Buyers retained control on Saturday as the price rose 2.41% to move past the 50-day SMA and settle at $85,378. However, BTC lost momentum on Sunday as the price dropped almost 2% to go below $85,000 and settle at $83,776. BTC started the current week positively, registering an increase of over 1% and settling at $84,619. It lost momentum on Tuesday after reaching an intraday high of $86,512 and fell 1.08%, slipping below the 50-day SMA to $83,701. The current session sees BTC marginally up as buyers look to push the price above the 50-day SMA and reclaim $85,000.
Ethereum (ETH) Price Analysis
Ethereum (ETH) is struggling to reclaim $1,600 after dropping below it on Sunday. The world’s second-largest cryptocurrency is trading in a narrow range as it struggles to hold its bullish structure after falling into a multi-year trading range. ETH faced multiple rejections at upper levels and has since followed a textbook bearish pattern of falling into range and consolidating at the channel’s midpoint. Analysts believe that unless ETH recovers it could drop toward the range’s low support. However, if it slips below these levels, analysts fear a drop to $1,000 could be possible. ETH last dropped to $1,000 or lower in June 2022.
ETH registered a substantial decline on Sunday, falling over 12%, slipping below $1,600 and settling at $1,580. Selling pressure intensified on Monday as ETH slumped to an intraday low of $1,412. It rebounded from this level to reclaim $1,500 and settle at $1,552, ultimately registering a drop of almost 2%. Sellers retained control on Tuesday as the price fell over 5% to $1,472. Markets rallied on Wednesday after President Trump announced a 90-day tariff pause. As a result, ETH surged over 13% to reclaim $1,600 and settle at $1,668. However, ETH’s rally lost momentum on Thursday as the price plunged almost 9% to go below $1,600 and settle at $1,521.
Source: TradingView
Market sentiment changed on Friday, and ETH recovered, registering an increase of almost 3% and moving to $1,566. Buyers retained control on Saturday as the price rose nearly 5% to reclaim $1,600 and settle at $1,644. However, ETH lost momentum on Sunday, dropping almost 3% to end the weekend at $1,596. ETH started the current week on a bullish note, reaching an intraday high of $1,689 before settling at $1,622, ultimately registering an increase of 1.66%. However, it was back in the red on Tuesday, dropping over 2% to $1,589. The current session sees ETH marginally down as buyers and sellers struggle to establish control. If sellers retain control, ETH could dip to $1,400. A break below this level could see the price drop towards $1,000.
Solana (SOL) Price Analysis
Solana (SOL) has lost momentum this week after facing substantial resistance around the $130 price level. Like other altcoins, SOL registered a significant decline last Sunday as it plunged over 12%, slipping below $120 and settling at $105. Selling pressure persisted on Monday as SOL fell below $100, dropping to an intraday low of $95. However, SOL rebounded from this level to reclaim $100 and settle at $106, ultimately registering an increase of over 1%. The price lost momentum on Tuesday, falling almost 2% to $105 before rallying on Wednesday to register an increase of nearly 13% and settle at $118. SOL’s rally lost momentum on Thursday, dropping over 5% to $112.
Source: TradingView
Bullish sentiment returned on Friday as the price registered an increase of almost 8% to reclaim $120 and settle at $121. Buyers retained control on Saturday as SOL surged 9%, moving past the 20 and 50-day SMAs and settling at $132. However, sentiment changed on Sunday after SOL failed to push higher. As a result, the price fell 3%, slipping below the 50-day SMA and settling at $128. SOL started the current week positively, rising to an intraday high of $135 before settling at $129. Selling pressure returned on Tuesday as buyers lost momentum, with SOL dropping 2.47% to $126. The current session sees SOL marginally down as sellers look to drive the price lower.
Algorand (ALGO) Price Analysis
Algorand (ALGO) is struggling to move past the 50-day SMA and go beyond $0.20. It registered a significant drop last Sunday, falling over 12% to $0.161. Bearish pressure and volatility persisted on Monday as it fell to a low of $0.146. However, it rebounded from this level to reclaim $0.150 and settle at $0.167, ultimately registering an increase of 3.53%. ALGO lost momentum on Tuesday, dropping over 7% to $0.154. The price rebounded on Wednesday as markets rallied, registering an increase of almost 17% to settle at $0.180. However, ALGO’s rally lost momentum on Thursday as the price dropped 2.25% after failing to cross the 20-day SMA and settled at $0.176.
Source: TradingView
ALGO recovered on Friday as it registered an increase of 2% and moved back to $0.180. Bullish sentiment intensified on Saturday as ALGO rose 6% to move past the 20-day SMA and settle at $0.191. However, it was back in the red on Sunday, dropping 4.48%, slipping below the 20-day SMA, and settling at $0.182. ALGO started the week on a bullish note, surging to an intraday high of $0.20 before settling at $0.189, ultimately registering an increase of almost 4%. The price was back in the red on Tuesday, dropping nearly 6%, slipping below the 20-day SMA and settling at $0.179. The current session sees ALGO marginally up as buyers look to push back above the 20-day SMA and attempt a move to $0.20.
Bittensor (TAO) Price Analysis
Bittensor (TAO) has registered a sharp decline this week, losing momentum after reaching a high of $262 over the weekend. TAO started the previous week on a bullish note, rising over 11% and moving to $204. However, it lost momentum on Tuesday, falling almost 5%, slipping below $200 and settling at $194. Bullish sentiment returned on Wednesday as markets rallied. As a result, TAO surged over 18% to reclaim $200 and settle at $230. Buyers retained control on Thursday as the price registered a marginal increase before surging over 8% on Friday and settling at $250.
Source: TradingView
TAO continued to push higher on Saturday, registering an increase of almost 2% and settling at $254. However, it lost momentum after reaching this level, dropping nearly 6% on Sunday and settling at $240. TAO continued to drop on Monday, registering a drop to 1.55% and settling at $236. Sellers retained control on Tuesday as the price fell 2.53% to $230. The current session sees TAO down over 1% as sellers look to drive it below the 20-day SMA.
Arbitrum (ARB) Price Analysis
Arbitrum (ARB) faced considerable volatility at the beginning of the previous week as it plunged to a low of $0.241. However, it rebounded from this level to settle at $0.274, ultimately registering an increase of 2.43%. The price dropped Tuesday as buyers lost momentum, falling almost 4% to $0.264. Markets rallied on Wednesday as Trump announced a 90-day pause on tariffs. As a result, ARB surged over 11% and settled at $0.293. The rally lost momentum on Thursday as the price fell to an intraday low of $0.274 before settling at $0.286, ultimately registering a drop of 2.52%. The price recovered on Friday, registering an increase of 3.11% and settling at $0.294. Bullish sentiment intensified on Saturday as ARB rose 5.43% to move past $0.30 and settle at $0.310.
Source: TradingView
However, ARB lost momentum after reaching this level and dropped over 3% on Sunday to settle at $0.30. Buyers attempted a recovery on Monday as ARB rose to an intraday high of $0.312. However, it lost momentum after reaching this level and dropped to $0.295, ultimately registering a drop of 1.60%. Bearish sentiment intensified on Tuesday as ARB fell over 5% to $0.279. The current session sees ARB marginally down and trading at $0.278.
Internet Computer (ICP) Price Analysis
Internet Computer (ICP) registered a substantial drop last Sunday, dropping over 9% to $4.58. Bearish sentiment and volatility persisted on Monday as the price dropped to a low of $4.18. However, it rebounded from this level to register an increase of 1.09% and settle at $4.63. ICP continued to experience volatility on Tuesday as buyers and sellers struggled to establish control. Sellers ultimately gained the upper hand as ICP registered a marginal drop. The price rallied on Wednesday, registering an increase of over 8% and settling at $4.99. However, the rally lost momentum on Thursday, dropping over 4% and settling at $4.79.
Source: TradingView
Sentiment changed on Friday as ICP rose over 5% to reclaim $5 and settle at $5.04. Buyers retained control on Saturday as the price rose almost 4% to $5.24 but lost momentum on Sunday. As a result, ICP fell 4.58% and settled at $5. Sellers retained control on Monday as the price fell 2.40% to $4.88. ICP continued to drop on Tuesday, dropping almost 3% and settling at $4.75. The current session sees ICP marginally down and trading at $4.72.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source: https://cryptodaily.co.uk/2025/04/crypto-price-analysis-4-16-bitcoin-btc-ethereum-eth-solana-sol-algorand-algo-bittensor-tao-arbitrum-arb-internet-computer-icp