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Crypto Market bleeds as Bitcoin closes March below Key Support level

The cryptocurrency market is currently absorbing loss after Bitcoin failed to end the month of March above the 46K support level. Yesterday had been a red day for Bitcoin and altcoins following investors’ sudden dip and profit-taking to mark the month-end. 

 

Bitcoin price lost over 5.6% of its gains yesterday to close below its support level at 46K, creating a new monthly low at $44,222. This recent pull-back sets in after Bitcoin has hit a new high at $48,220 in the just-concluded month. The first-ever since the year 2022.

Altcoins being subject to Bitcoin dominance, have similarly lost price value too. Ethereum had equally lost 5% of its value after creating a new high at $3485 for the first time this year. Ripple has lost 4.7% so far and is currently at $0.8240. Other coins have witnessed more significant losses so far above 10%.

 

The general sentiment for Bitcoin is generally bearish, given the negative monthly close

Currently, there are chances for Bitcoin dropping further to test the next support at 42K over the weekend, especially if the present support does not hold. Alternatively, if the significant support at 44k has over the weekend, we might begin the new week on a good note with greater chances for the bulls to regain the market.

Historically, April has always been a positive month for the crypto market, and we hope this recent month will not be an exception.

This market commentary and analysis has been prepared for ATFX by a third party for general information purposes only. Any view expressed does not constitute a personal recommendation or solicitation to buy or sell as it does not take into account your personal circumstances or objectives, and should therefore not be interpreted as financial, investment or other advice, or relied upon as such. You should therefore seek independent advice before making any investment decisions. This information has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. We aim to establish and maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. The market data is derived from independent sources believed to be reliable, however we make no representation or warranty of its accuracy or completeness, and accept no responsibility for any consequence of its use by recipients. Reproduction of this information, in whole or in part, is not permitted.

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