Bitcoin began the day with a price of $64,000 but quickly fell below that level, reaching $64,370 before succumbing to selling pressures. Over the past 24 hours, the price has dipped further to $62,673, as it continues to trade within a narrow range. This has raised concerns as a new week approaches. So, what is the current state of the cryptocurrency markets?
Bitcoin (BTC)
The price of BTC is hovering around the $64,000 mark, showing no significant signs of a turnaround. While some altcoins have experienced modest gains, Bitcoin has yet to follow suit. Unfortunately, hopes for a surge in April have been dashed due to Bitcoin’s prolonged closures below $67,000.
Spot Bitcoin ETF has experienced consecutive outflows for the past three days. IBIT entries have reached zero, and consistent ETF sales have depleted companies’ BTC reserves. At the end of the trading week, total net entries fell below $12 billion, reflecting short-term concerns.
As of April 9, there have been no net entries between $150-200 million. With the exception of April 10, there were only a few days in March with very modest net entries ranging from $31.6 million to $91.3 million. Despite explaining the reasons for this lack of enthusiasm each time, it is uncertain whether we will see an anticipated breakthrough after the upcoming Fed interest rate decision.
Current State of Cryptocurrencies
The overall situation in the market is not much different. Total trading volume is on the verge of dropping below $50 billion. The fear and greed index remains neutral, and in the past 24 hours, BTC, ETH, and stablecoins have been the most traded assets, followed by SOL and DOGE. Data leading up to the Fed meeting next week has dampened investors’ risk appetite. With the US economy not growing as expected and inflation decline halting, predicting the Fed’s decision has become challenging.
Looking at the top 100 cryptocurrencies, PEPE, BONK, and HBAR have seen gains exceeding 20%, making them among the few profitable altcoins. HBAR Coin’s rise can be attributed to a misinterpreted news item involving BlackRock.
Disclaimer:
The information provided in this article should not be considered investment advice. Investors should be aware of the high volatility and risk associated with cryptocurrencies and should conduct their own research.
