Bitcoin experienced a decline, falling below the $62,000 support zone. However, it managed to find support near the key $61,800 zone. Currently, BTC is undergoing a correction and is facing resistance around the $63,100 level, resulting in a 1% decrease in the last 24 hours. The global crypto market capitalization stands at $2.33 trillion, reflecting a 2.14% decrease in the past day.
Similarly, major altcoins are also gradually recovering from losses. Ethereum (ETH) tested the crucial support level at $3,115 and has since rebounded above $3,180. XRP dropped below $0.50 but witnessed a bullish response. ADA remained stable above the support zone at $0.445. Solana (SOL) is currently trading at $136.19, experiencing a decline of over 4%.
Bitcoin Price Analysis – April 29, 2024
After dipping below the $63,000 mark, the price of Bitcoin found support near $61,800. It is now attempting to slowly recover its losses. However, it faces resistance around the $63,500 level. If it manages to surpass this level, the next significant resistance lies near $65,200, which could potentially initiate a steady rise in price.
If the price fails to break above $63,500, it may experience further decline below $60,000. The main breakout support level rests near $52,500, and a fall below this point could lead to another significant decline.
Ethereum Price Analysis
As of now, the price of Ethereum (ETH) stands at $3,173.76, reflecting a 4.5% decrease in the last 24 hours. Similar to Bitcoin, Ethereum also faced a similar pattern after dropping below the $3,200 support level. However, it remained stable near the $3,150 and $3,180 levels.
On the upside, the price of Ethereum encounters resistance around the $3,300 level, specifically the 50-hourly simple moving average. If it manages to surpass this level, the next major resistance lies near $3,350, which could potentially initiate a steady rise in price.
If the price fails to break above $3,300, it may experience further decline below $3,120. The subsequent major support level is at $3,020, and a fall below this point could even lead to a price of $2,850.
In conclusion, Bitcoin is currently attempting a recovery wave above the $63,000 level. If it manages to remain above $63,500, it could rise and recover to $65,200. Otherwise, it is likely to correct towards $52,500.
Disclaimer:
The views and opinions expressed in this article, including those of the author or individuals mentioned, are solely for informational purposes and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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