Since BTC bounced off the lower Bollinger Band, the price of bitcoin seems to be gaining bullish traction.
On April 7, a surge of selling seized control of the cryptocurrency market after the price of Bitcoin (BTC) fell below $56,000.
The market-wide sell-off resulted in $1.4 billion in liquidations, with some observers speculating that this could be the last sweep out of overleveraged long traders before Bitcoin would make a run to $70,000.
The quickly raising Kimchi premium was one indication that the market had gotten ahead of itself over the past week, which was followed by a 7% drop in BTC price on April 7 as traders worried that it might be the trigger for a market peak.
Despite the market slowdown, on-chain data analysis shows that Bitcoin could soon see a rebound to a new all-time high as whales, miners, and long-term investors have reduced or stopped selling, and institutional interest remains strong.
Traditional markets near record highs
On Tuesday, equities markets traded near all-time highs as accelerating employment growth, record levels of service sector investment, and an acceleration in manufacturing fueled unexpected optimism, propelling stock prices higher.
Despite this good news, the Dow and NASDAQ ended the day down 0.06 percent and 0.16 percent, respectively, while the S&P 500 ended the day up 0.06 percent.
Coinbase listing provides a little relief
After Coinbase announced that it will list 1INCH, Enjin (ENJ), New Kind of Network (NKN), and Origin Protocol (OGN) on Coinbase Pro, a few altcoins rallied during the day.
Starting today, inbound transfers for 1INCH, ENJ, NKN & OGN are available in the regions where trading is supported. Traders cannot place orders and no orders will be filled. Trading will begin on or after 9AM PT on Fri 4/9 if liquidity conditions are met. https://t.co/L5KlZvMiuA
— Coinbase Pro (@CoinbasePro) April 7, 2021
Following the launch, the price of 1INCH and ENJ increased by 5%, while Origin Protocol increased by 10% and NKN increased by 27%.
Solana (SOL) increased by 10%, while Ethereum (ETH) fell by 7% to trade below $2,000.
The overall cryptocurrency market cap now stands at $1.90 trillion and Bitcoin’s dominance rate is 55.6%.
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