ETH is in a strong bull trend, but Bitcoin price has been struggling to sustain above the $53,000 support for the past three days
Bitcoin price has turned down almost 2% to the mark of more than $ 53,000, while the market continues to diverge deeply. At press time, BTC is trading around $ 53,648, while Ethereum soared to a new all-time high at $ 2,800. In the current scenario, some traders would rather wait for Friday’s CME futures expiry before entering long BTC positions, as historically, its price tends to correct ahead of the event.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price has been struggling to sustain above the $ 53,000 support for the past three days
Statistics data shows that in the past 24 hours, the lowest Bitcoin price recorded was at $ 52,403 and the highest was $ 55,224.
On the other hand, Ether’s price has been positively impacted by the European Investment Bank launching a digital bond sale using the Ethereum network. The EIB is issuing a two-year 100-million-euro ($120.8 million) digital bond, with the deal to be led by Goldman Sachs, Santander, and Societe Generale.
Furthermore, in the past week, JP Morgan published a research note stating that Ether should continue to outperform Bitcoin due to liquidity improvements and increased activity on the network.
The cryptocurrency market this morning was strongly differentiated. In addition to Bitcoin, there is Dogecoin by 3.7%, Cardano down by 1.1%, Litecoin by 1.1%, and Bitcoin Cash by 1.86%. Total market capitalization is currently recording at the US $ 2,060 billion, down 0.7%.
According to some professional traders, Bitcoin’s recent drop may just be a correction after a hot rise. In the long run, Bitcoin continues to soar.
Two weeks ago, the world’s most popular cryptocurrency hit a record $ 64,000. The main reason is that investors are excited when the crypto exchange Coinbase does an IPO. However, over the weekend, Bitcoin’s price fell below the 100-day moving average.
According to The Guardian, there are many reasons for Bitcoin’s sudden decline in price. One of them is the fact that the central bank of Turkey banned the use of cryptocurrencies for trading and trading because of concerns about financial risks. The ban will take effect from April 30.
You can see the BTC price here.
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