On Easter Sunday, the majority of cryptocurrencies were trading lower. Bitcoin, which leads the group, could not shake off the decline.
The total market capitalization of all cryptocurrencies as of Sunday was $1.87 trillion, down 0.69 percent from the day before.
Expectations remain that Bitcoin (BTC) will continue lower in the short term, as price pressure has become the dominant feature of the Easter holiday chart so far, providing anxious traders with another drop below $40,000.
BTC was trading at $40,444.29 on Sunday, down 5.5% in the past seven days, according to Coingecko data.
The total volume of the cryptocurrency market in the last 24 hours was $49.62 billion, down 19.67 percent. The total volume in DeFi is currently $5.26 billion, which is 10.60 percent of the total volume over 24 hours in the cryptocurrency market.
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Bitcoin Contract Scope
According to TradingView data, BTC/USD traded in a narrow range with a maximum of $40,700 on Saturday and Sunday.
With the start of the holiday season, the pair saw little movement, as US stock markets were closed for a week of fasting, allowing the cryptocurrency to avoid volatility based on correlation.
The price consolidation comes after a week of downward pressure that pushed the world’s most valuable cryptocurrency towards critical support levels.
The recent price consolidation came after a two-week losing streak in which Bitcoin lost about $10,000 in value.
According to CoinMarketCap data, the world’s largest cryptocurrency currently has a market share of 41 percent, down 0.07 percent.
BTC total market cap at $787.44 billion on the weekend chart | Source: TradingView.com
BTC makes higher bottoms
Analyzing market movements, Kevin Svenson, a popular social media bull, has warned that the current chart behavior is similar to the period immediately leading up to the Bitcoin bear market crash in late 2018.
While this event followed a long series of lower lows throughout the year, it did make it clear that Bitcoin was hitting higher lows in 2022, but it wouldn’t take long for the tables to turn and “capitalize” to enter.
Analyst: Bitcoin Won’t Reach $24,000
Meanwhile, despite the recent slump, popular crypto researcher PlanB said on Friday that they did not envision Bitcoin dropping to realized values.
Their comments come as the world’s most valuable cryptocurrency fell sharply earlier this month from its 2022 highs. BTC is currently trading about 20% below its year-to-date highs and is down more than 40% from Highest level recorded in November.
PlanB basically dismissed concerns that BTC could drop to $24,000 within days. They note that the last three times such an incident occurred, it was in conjunction with the so-called “black swan” event related to cryptocurrency.
The expert claimed that a strong negative sentiment is needed to push the market to the achieved levels.
Featured image from 123rf.com, chart from TradingView.com