Bitcoin price seems to gain upward momentum when BTC bounces off the lower Bollinger Band.

After the Bitcoin (BTC) price dropped below $ 56,000, a wave of sales dominated the cryptocurrency market on April 7.

Great cleaning

Market-wide sales led to $ 1.4 billion in liquidations, and some analysts have suggested that this may be the last cleanup of overly leveraged long traders before Bitcoin hit the $ 70,000 level.

Bitcoin price seems to gain upward momentum when BTC bounces off the lower Bollinger Band.

After the Bitcoin (BTC) price dropped below $ 56,000, a wave of sales dominated the cryptocurrency market on April 7.

Great cleaning
Market-wide sales led to $ 1.4 billion in liquidations, and some analysts have suggested that this may be the last cleanup of overly leveraged long traders before Bitcoin hit the $ 70,000 level.

 

A sign that the market was moving ahead of itself last week was the rapidly rising Kimchi premium, followed by a 7 percent drop in BTC price on April 7.

Despite the downturn in the market, analysis of blockchain data shows that Bitcoin may soon rise to an all-time high; whales, miners, and long-term owners all cut or ceased sales altogether, and corporate demand remained high.

Traditional markets close to record levels
Equities markets traded close to all-time highs on Tuesday as accelerated employment growth, record service sector activity and production expansion led to unexpected optimism that raised stock prices.

Despite this positive news, Dow and NASDAQ closed 0.06% and 0.16% respectively, while the S&P 500 managed to close the day with an increase of 0.06%.

Coinbase listing provides some relief
Several altcoins managed to recover over the days after Coinbase announced it would list 1INCH, Enjin (ENJ), New Kind of Network (NKN) and Origin Protocol (OGN) on Coinbase Pro.

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After the announcement, the price of 1INCH and ENJ saw modest increases of 5%, while Origin Protocol rose 10% and NKN 27%.

Solana (SOL) also rose 10% and Ethereum (ETH) fell 7% to below $ 2,000.

 

The overall cryptocurrency market cap is currently $ 1.90 trillion, with Bitcoin’s dominance at 55.6%.

A sign that the market was moving ahead of itself last week was the rapidly rising Kimchi premium, followed by a 7 percent drop in BTC price on April 7.

Despite the downturn in the market, analysis of blockchain data shows that Bitcoin may soon rise to an all-time high; whales, miners, and long-term owners all cut or ceased sales altogether, and corporate demand remained high.

 

Traditional markets close to record levels

Equities markets traded close to all-time highs on Tuesday as accelerated employment growth, record service sector activity and production expansion led to unexpected optimism that raised stock prices.

Despite this positive news, Dow and NASDAQ closed 0.06% and 0.16% respectively, while the S&P 500 managed to close the day with an increase of 0.06%.

 

Coinbase listing provides some relief

Several altcoins managed to recover over the days after Coinbase announced it would list 1INCH, Enjin (ENJ), New Kind of Network (NKN) and Origin Protocol (OGN) on Coinbase Pro.

After the announcement, the price of 1INCH and ENJ saw modest increases of 5%, while Origin Protocol rose 10% and NKN 27%.

Solana (SOL) also rose 10% and Ethereum (ETH) fell 7% to below $ 2,000.

The overall cryptocurrency market cap is currently $ 1.90 trillion, with Bitcoin’s dominance at 55.6%.

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