On Eastern Sunday, the majority of cryptocurrencies traded downward. Bitcoin, which leads the pack, couldn’t shake off the retreat.
The total market capitalization of all cryptocurrencies as of Sunday was $1.87 trillion, down 0.69 percent from the previous day.
Expectations remain that Bitcoin (BTC) will continue to decline in the short term, as price compression has become the dominant chart feature of the Easter weekend thus far, saving worried traders another plunge below $40,000.
BTC was trading at $40,444.29 on Sunday, down 5.5% in the last seven days, according to Coingecko data.
The overall volume of the cryptocurrency market in the last 24 hours was $49.62 billion, a decline of 19.67 percent. The overall volume in DeFi is currently $5.26 billion, accounting for 10.60 percent of the entire 24-hour volume in the cryptocurrency market.
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Contracting Range For Bitcoin
According to TradingView data, BTC/USD has been trading in a narrowing range with a ceiling of $40,700 on Saturday and Sunday.
As the holiday season began, the pair experienced little movement, as US equity markets were closed for the Lenten week, allowing crypto to avoid correlation-based volatility.
The price consolidation follows a week of bearish pressure that pushed the world’s most valuable cryptocurrency towards critical support levels.
Recent price consolidation follows a two-week losing skid in which Bitcoin lost about $10,000 in value.
According to CoinMarketCap data, the world’s largest cryptocurrency presently holds a 41 percent market share, a decline of 0.07 percent.
BTC total market cap at $787.44 billion on the weekend chart | Source: TradingView.com
BTC Making Higher Lows
By analyzing market movements, Kevin Svenson, a well-known bull on social media, warned that current chart behavior resembled the period immediately preceding Bitcoin’s bear market meltdown in late 2018.
While that occurrence followed a lengthy run of lower lows throughout the year, he highlighted that Bitcoin has been making higher lows in 2022, but it would not take much for the tables to turn and “capitulation” to enter.
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Analyst: Bitcoin Won’t Hit The Dreaded $24K
Meanwhile, despite recent sluggishness, popular crypto researcher PlanB stated on Friday that they did not envision BTC falling to realized values.
Their statements come as the world’s most valuable cryptocurrency fell sharply earlier this month from its 2022 highs. BTC is presently trading roughly 20% below its year-to-date highs and has fallen more than 40% from its November record high.
PlanB mainly rejected concerns that BTC may plummet to $24,000 in a matter of days. They noticed that the last three times such an incident took place, it was in conjunction with a so-called “black swan” event involving the crypto.
The expert claimed that a spike in strong negative sentiment would be required to propel the market to realized levels.
Featured image from 123rf.com, chart from TradingView.com