Our market data indicates that the total crypto market is struggling to maintain its momentum after losing 1.14% of the total valuation to bring the market cap to $2.57 trillion. In the last 24 hours, Bitcoin has moved within the range of $78k and $82k, witnessing its daily trading volume falling by 40% with $44 billion changing hands. Such movement is prevalent across the altcoin market led by Ethereum and XRP.
Bitcoin Price Analysis
Bitcoin’s journey to the current level has been an interesting one. Crypto investors were hopeful for a massive upsurge until the asset took a hit on April 2, falling to a new year-to-date low of $74,508. However, this was short-lived. Bitcoin bounced back to $82k on April 9, then marginally declined to $80k at the press. Looking at its performance across the major trading sessions, the asset has declined by 1.3% in the last 24 hours, 2.6% in the last seven days, 0.88% in the last 30 days, and 14% in the last 90 days.
Nevertheless, the ultimate question remains – “Would Bitcoin bounce back in the short term?” Market analysts have predicted that Bitcoin could bounce back to $85k. However, this would only be temporal. The 24-hour chart’s Relative Strength Index (RSI) reading of 45 aligns with what is referred to as the “dead cat” situation.
Source: TradingView
According to this, Bitcoin could likely decline to $73k in continuation of its bearish momentum. This direction of movement is not certain either. Analysts highlight that Bitcoin could make a bold move to $90k and probably reach $95k if things turn out differently. As outlined in our recent blog post, MicroStrategy’s Michael Saylor remains bullish on Bitcoin despite the recent meltdown.
Ethereum (ETH) Price Analysis
Ethereum has keenly followed Bitcoin’s movement in most parts of the cycle. A week ago, the asset failed to secure the $1,861 mark after losing 13% of its value. This week has not been different either. At press time, the asset was trading at $1,550 after declining by 14% in the last 24 hours.
Analysts believe that the asset could continue its short-term movement to $1,700. Failure to hold the current level could see ETH falling to $1,300. As mentioned in our previous news brief, a Bloomberg strategist believes that the asset may decline to $1,000.
XRP Price Analysis
XRP’s price behavior has been quite interesting. The asset has strongly held above $1.9 with a 0.1% surge on its daily chart. However, the journey has not been that easy. XRP recorded an impressive surge of 14% on April 9 to break above the 200-day EMA at $1.94. It then took a nosedive on April 10 before recovering its position.
According to analysts, holding the 200-EMA as support could send the price to $2.2 in the short term. As noted in our earlier post, analyst Edoardo Farina argues that XRP could hit $100 in the short term.
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