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.