Bitcoin rose
0.6% over the past week, ending it at around $46,400. Ethereum added 8%, while
other leading altcoins from the top ten rose in price from 0.1% (XRP) to 30%
(Solana).
BTC found a balance
According to
CoinMarketCap, the total capitalization of the crypto market increased by 1.3%
over the week, to $2.15 trillion. The Bitcoin dominance index over the same
period of time sank by 1.5% points, to 40.7% due to the growth of altcoins.
At the
beginning of the new week, the cryptocurrency index of fear and greed rose from
48 to 52, remaining within the neutral range.
Bitcoin has
corrected down since Thursday along with the decline in stock indices.
Noticeable resistance was provided by the $48K level with the 200-day moving
average passing close to it. Over the weekend, the first cryptocurrency found a
balance near $46K.
Bulls are preventing
Bitcoin from falling
The FxPro
Analyst Team emphasised that buyers manage to keep bitcoin from falling to the
area of previous peaks near $45, turning the former resistance into effective
support. However, a breakout of the 200-day moving average is still required to
confirm bullish sentiment. Breaking out of the $45-48K range could signal the
start of a broader trend in the direction of the breakout.
In early
April, the commemorative 19 millionth coin was mined in the bitcoin network. At
the moment, more than 90% of the total emission of the first cryptocurrency has
been mined, which is limited to 21 million coins.
Bitcoin can
reach $4.8 million if it acquires the status of a global reserve asset,
according to VanEck investment company. However, this scenario is unlikely. The
top contender for the status of world reserve currency is now the Chinese yuan.
This article was written by FxPro’s Senior Market
Analyst Alex Kuptsikevich.