Cryptocurrency Market Update: Bitcoin Steadies Amidst Market Volatility
The cryptocurrency market experienced significant volatility on April 26th, 2023 due to rumors of large Bitcoin transfers from wallets linked to the no longer functioning Mt. Gox exchange and the US government. However, despite this, Bitcoin and some alternative cryptocurrencies were able to maintain their support levels.
Traders are looking to take profits following Bitcoin’s significant increase in value. Coinglass, a cryptocurrency analytics firm, has observed that the amount of Bitcoin held at Binance has increased by 50,000 within the last 30 days. Though there may be some short-term pressure, bullish investors can be comforted by the fact that the increase in Bitcoin balance is not the same across all exchanges. According to Coinglass, the total increase in Bitcoin balance across all exchanges was 14,000 Bitcoin.
The upcoming U.S. Federal Reserve meeting on May 2nd and 3rd is expected to be the next big event for the market. According to the FedWatch Tool, there is a 90% likelihood that there will be a 25 basis point rate increase during the meeting. Many analysts anticipate that this will be the last rate hike before a shift takes place later in the year.
Bitcoin Price Analysis
Bitcoin is currently trading at $29,433 and slowly coming out of the recent slump, attempting to break above $30,000. The 20-day Exponential Moving Average (EMA) has provided strong support, and if buyers can break above the $30,000 level, then a retest of all-time highs is possible. The immediate support level is around $29,088 while the further major resistance is seen near $29,356.
The weekly technical indicators are giving a mixed signal, as the Relative Strength Index (RSI) is still below 60 while the Moving Average Convergence Divergence (MACD) has crossed above zero. The buying pressure indicated by the MACD suggests that traders are looking to buy BTC on every dip toward the $29,000 level. The weekly moving average indicator is seen at $27,232.
Ethereum Price Analysis
Ethereum is currently trading near $1,912 and has been consolidating in a wide range of $1,800 to $1,900 in the past few days. Despite some minor bearish pressure, the coin has been trading in a bullish trend since the beginning of this month.
The MACD indicator is giving a slightly bullish signal as it goes above zero and continues to stay there for the past two weeks. The RSI has already crossed above 50 while the weekly moving average is seen at $1,807. The 50-weekly moving average is slightly higher at $1807 and is likely to provide strong support if the price drops.
XRP Price Analysis
XRP has been trading in a range-bound channel between $0.4425 and $0.485 level since the beginning of this week. The bearish and bullish have been oscillating with the bears trying to push the coin below $0.45 while the bulls have been attempting to break above this level. At the time of writing, XRP/USD is trading at $0.4748 and is down by 0.50% in the past 24 hours.
The weekly technical indicators are giving a mixed signal as the RSI is seen at 56.58 levels indicating a neutral signal. The weekly moving average indicator is seen at $0.451, and if the price drops below this level
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