Bitcoin price short-term momentum turned negative, which typically occurs during the first week of the month
Bitcoin price and ether were roughly flat on Monday amid light trading Monday as investors seemed content to watch events unfold, at least for the time being. The largest cryptocurrency by market capitalization was recently trading at about $46,700, up slightly t from where it stood 24 hours earlier. At the time of writing, BTC is changing hands at $46,754.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price and ether were flat
Bitcoin dipped below $46,000 on Monday, indicating a loss of upside momentum. Price action was choppy over the weekend after buyers failed to approach the $48,000 resistance level. That points to continued price weakness, especially as momentum signals on the daily chart turned negative, similar to what occurred during the first week of February and March.
Support at $43,000 could stabilize the pullback near the March 25 breakout level. Still, BTC will need to break above the 200-day moving average, currently at $48,286, to yield upside targets beyond the $50,966 resistance level. Momentum signals remain positive on the weekly chart, which means the downside could be limited.
📊 #Ethereum, not #Bitcoin, is the top asset staying tightly correlated to the #SP500‘s performance. And since the #FOMC announcement 3 weeks ago, this has been good news for $ETH. Watch if #fed news causes any downswings for the May #FOMC update. https://t.co/VHXMQAKhUZ pic.twitter.com/VsFdCHqsFi
— Santiment (@santimentfeed) April 4, 2022
Some altcoins such as Solana (SOL) and Polkadot (DOT) declined by 6% over the past 24 hours. Meanwhile, WAVES fell by 25% after USDN, an algorithmic stablecoin of the Waves ecosystem, lost its U.S. dollar peg. Last week, several people on Twitter accused the Waves team of manipulating the price of its native token through its DeFi lending platform Vires.finance.
The total market capitalization recorded in the early hours of this morning was $2,160 billion, up slightly by 0.62%.
Read more:
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