The April Bulls Deliver for Bitcoin, while others Struggle on

Bitcoin could weigh on the broader market if there’s no recovery through the morning. The majors could be in for another wild day ahead…
Bitcoin and Litecoin over dollar banknotes.

Bitcoin slipped by 0.06% on Monday. Partially reversing a 1.57% gain from Sunday, Bitcoin ended the day at $5,480.1.

A relatively range-bound start to the day saw Bitcoin rise to a mid-morning intraday high $5518 before hitting reverse.

Falling short of the first major resistance level at $5,554.43, Bitcoin fell to an early afternoon intraday low $5,365.0.

The reversal saw Bitcoin fall through the first major support level at $5,410.43 to come within range of the second major support level at $5,334.07 before finding support.

Recovering through the afternoon, Bitcoin managed to move back through to and hold onto $5,480 levels.

While the broader market has been in some choppy waters in recent weeks, Bitcoin was up by 31.5% for the current month to the end of Monday.

Elsewhere,

Across the top 10 cryptos, it was a sea of red for the majors on Monday. Bitcoin Cash ABC led the way down, sliding by 6.78%.

Other notable losses included a 4.58% slide in Binance Coin and a 4.22% fall in Cardano’s ADA. While the reversal fell short of being considered a crypto meltdown, the majors tracked each other through the first half of the day.

In spite of the heavy losses on the day, it could have been a lot worse had support not kicked in through the afternoon.

Providing direction to the broader market through the day was Bitcoin, which continued to struggle at $5,400 levels. Failure to hold onto $5,500 levels hit early in the day led to the pullback ahead of the month end.

There were no major news events on the day to hit the broader market, which saw the total market cap fall from $171.9bn to $167.6bn levels before recovering to $169.7bn levels.

As the month of April comes rapidly to an end, it’s been a mixed month for the majors. Joining Bitcoin with heavy gains are Bitcoin Cash ABC which leads the way with a 36.67% gain. Not far off the pace was Binance Coin, which was up 27.7% to the end of Monday.

It’s not green across the broad, however, with Stellar’s Lumen (-8.95%), Cardano’s ADA (-4.02%) and Ripple’s XRP (-2.18%) struggling.

While the total market cap rose from $144bn levels at the end of March, Bitcoin’s dominance has also been on the rise. Bitcoin’s dominance has risen from 50.3% at the end of March to 54.9% at the time of writing, the shift supporting the uptrend in the market cap.

This Morning,

At the time of writing, Bitcoin was down by 0.3% to $5,463.7. Moves through the early morning saw Bitcoin fall from a morning high $5,497.2 to a low $5,462.0.

Steering clear of the major support and resistance levels, the struggle at $5,400 continued to pin Bitcoin back from a breakout to $5,500 levels and beyond.

Elsewhere, Bitcoin Cash ABC and Litecoin were amongst the leading back, up by 1.76% and 1.29% respectively.

Joining Bitcoin in the red was Ripple’s XRP, which was down by 0.16% and Binance Coin, which was down by 0.21%.

For the day ahead

Bitcoin would need to hold above $5,450 levels to support a move back into positive territory. A move through $5,490 would bring $5,550 levels and the first major resistance level at $5,543.73 into play.

Barring a broad-based crypto rally, Bitcoin would likely continue to come up short of $5,600 levels on the day.

Failure to hold above $5,450 levels could see Bitcoin hit reverse later in the day. A fall through the first major support level at $5,390.83 could be on the cards before any recovery. Barring a crypto meltdown, however, Bitcoin would likely steer clear of sub-$5,300 levels on the day.

Expect the broader market to respond to Bitcoin’s moves, particularly with Bitcoin’s dominance having been on the rise through April.

Most Recent

Top Articles

Popular

10526.5
-105.66
-0.99377%
229.27
-8.4700
-3.56272%
0.3183
+0.0053
+1.69329%
315.35
-0.5400
-0.17095%
EOSEOS
4.3220
+0.0290
+0.67552%
90.830
-0.3300
-0.362%