As analysts had predicted, Bitcoin’s support had a retest at the $30000 level and failed, as crypto market sell-offs ensued.
While the crypto market started the week on mixed trends, traders witnessed a decline in Bitcoin as a few other altcoins. Some traders may have booked profits which led to the crypto market sell-offs. XRP and Cardano were also trading in red, while those like Solana and Litecoin witnessed gains. ETH remained stable above $2000, gaining above 130% since its level in June 2022.
Bitcoin had grown stagnant above $3000 during the weekend, which indicated an upcoming phase of volatility. While long-term proponents were bullish, the phase was a golden opportunity for some to realize profits. Just like how analysts predicted a retest of Bitcoin at $30000, it happened, and Bitcoin slid below the mark.
The upside in the current situation could be the increasing number of traders who may come into the market at this stage and take long positions for various cryptos, especially BTC. Experts state that such an occurrence could help Bitcoin end the week in a higher trading range with its resistance back to earlier levels at $31000 and support resuming to $30000. The crypto market’s overall capitalization dipped by a small margin but remained stable at over $1.2 trillion.
BTC/USD YTD price chart
Bitcoin is currently trading at around $29900 on April 17, 2023, with BTC/USD down by almost 1.50% in the previous 24 hours. As the crypto market sell-offs led to downward trajectories, most cryptos are presently trading with mixed trends. BTC/USD is trading higher than its 20-day EMA (28,524.87). Bitcoin’s 24-hour volume is over $10 billion.