Daily Crypto Analysis – Bitcoin rises, Ethereum falls, XRP struggles, Dogecoin surges.
Introduction
Bitcoin achieves a record-breaking high, surpassing $69,324, propelled by a nearly 65% year-to-date gain and the anticipation of its fourth halving on April 18. Ethereum faces a sharp correction after rallying to $3,850, following Bitcoin’s surge, with support found near $3,350. XRP price drops below $0.60 amid a broader crypto market downturn, influenced by concerns surrounding the SEC vs. Ripple lawsuit. Dogecoin experiences a 150% weekly gain as bullish whales invest $250M, indicating confidence in the ongoing price rally despite potential short-term corrections.
Markets In Focus Today – BITCOIN
Bitcoin Peaks At $69,324 With BTC Fourth Halving Around The Corner.
Bitcoin has set up a new all-time high above $69,324 on Tuesday after rallying nearly 9% in the last 24 hours.BTC has registered a nearly 65% year-to-date gain on top of the 155% rally in 2023. The spot ETF approval, which led to a surge in capital inflows, is one of the most important narratives responsible for the parabolic rally. In addition to the Bitcoin spot ETF approval being the main driver behind BTC’s price rally to new all-time highs, the halving narrative has also played a pivotal role. The fourth Bitcoin halving will occur on April 18, in roughly 47 days. This event will slash the block reward for miners from 6.25 BTC to 3.125 BTC. The fourth Bitcoin halving, embedded within Bitcoin’s code, reduces the rate at which new Bitcoins enter circulation by 50% every roughly four years or 210,000 blocks.
Technical Overview With Chart :
Moving Averages :
Exponential :
- MA 10 : 62200.6334 | Positive Crossover | Bullish
- MA 20 : 58183.7289 | Positive Crossover | Bullish
- MA 50 : 51879.6563 | Positive Crossover | Bullish
Simple :
- MA 10 : 62147.4520 | Positive Crossover | Bullish
- MA 20 : 56942.0865 | Positive Crossover | Bullish
- MA 50 : 49125.0354 | Positive Crossover | Bullish
RSI (Relative Strength Index): 73.6483 | Buy Zone | Bullish
Stochastic Oscillator : 86.5298 | Buy Zone | Negative
Resistance And Support Levels :
- R1 : 64016.7673 R2 : 69244.2994
- S1 : 47093.7394 S2 : 41866.2073
Overall Sentiment: Bullish Market Direction: Buy
Trade Suggestion: Limit Buy: 63218.80 | Take Profit: 67615.95 | Stop Loss: 60644.86
ETHEREUM
READ THE FULL REPORT VISIT US - CAPITAL STREET FX
