The cryptocurrency industry has witnessed a massive correction of over 6% in market cap within the past 24 hours, with top crypto tokens such as BTC and ETH price each recording a correction of over 5.5% in their respective portfolios.
The market leader, Bitcoin price, has displayed a strong bearish action, following which top altcoins have followed in the footsteps of it and displayed a similar trend. Will the crypto market display a positive April or continue displaying a negative price action?
The BTC price had successfully concluded the month of March on a positive note by adding over 16% to its portfolio during this period. Moreover, the star crypto had also recorded a new all-time high of $73,754 during this time, highlighting a positive outlook for the price this year.
However, the Bitcoin price started the month of April on a bearish note by recording a correction of over 5% within the first day, indicating a strong bearish reversal in the crypto space.
Bitcoin has recorded a loss of over 5.65% within 24 hours and 6% over the past seven days. Further, its technical indicator, MACD, shows a bearish price action for its price during the coming time, suggesting the price will display a negative price action this week.
Following the crypto market surpassing the overbought range in the lower time frame, the industry has experienced a significant correction in valuation. Moreover, major altcoins from the top 100 cryptocurrencies have recorded a correction during the early trading hours today.
Recently, many altcoins had successfully achieved a new ATH in their respective valuations, following which the volatility in these tokens saw a significant rise, and the crypto space experienced a FOMO-like situation. As the volatility grew, the industry started recording increased price action, resulting in the market recording massive correction.
Do you Know : Bitcoin Price Prepares for a 15% Crash Ahead of Halving: Is This the Beginning of a Bearish April?
The crypto industry has already experienced a major catalyst, which is the Bitcoin Spot ETF, that has acted as a ladder to the BTC price to achieve a new ATH successfully. Further, the Ethereum price has also displayed a bullish price action, indicating a rise in investor’s interest in altcoins.
Positively, the Upcoming Bitcoin Halving could result in the industry experiencing another bullish run before the year-end, making it an excellent opportunity for investors to maximize their profits in the long-term perspective.
Note: Make sure to do your own research before investing in any cryptocurrency as the market is highly volatile at this point in time. This article is not promotional and was written for research purposes.
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