Bitcoin (BTC) rebounded to surpass $62,000 as the market showed signs of recovery following reports of minimal damage from an Israeli strike on Iranian military sites. Ether (ETH) also saw a modest recovery, as per CoinDesk Indices data, yet remained below the $3,000 mark. PAXG, a tokenized gold version managed by Paxos, recorded an increase of nearly 3% according to market data. In Asia, major stock indices experienced declines, with Hong Kong’s Hang Seng index down by 3.5%, Japan’s Nikkei 225 falling by 6.5%, and Taiwan’s TAIEX down by 5%. Concurrently, U.S. stock futures mirrored these losses, while crude oil prices observed an uptick, as reported.
Bitcoin dipped below the critical $60,000 support level once more on Friday, experiencing a sharp 5.44% drop within a mere two hours, amidst heightened geopolitical tensions in the Middle East. On April 19, the price of Bitcoin briefly fell to $59,698 before swiftly rebounding to $61,352. This downturn is significant, as breaching the $59,000 mark could trigger the liquidation of approximately $243 million worth of long positions, according to CoinGlass data. Data indicates that over the past four hours, $34.03 million worth of Bitcoin long positions have been liquidated. These developments coincide with reports from Iranian state media suggesting explosions at Isfahan airport in central Iran. Bitcoin holders may also be preparing for increased volatility as the halving event approaches on April 20, where miners’ rewards are halved every four years. The Crypto Fear and Greed Index, a key gauge of market sentiment in the crypto realm, has dropped 13 points since last week’s reading of 79, indicating a shift from greed to fear. While Bitcoin has been trading above the $60,000 threshold for the past seven days, it briefly dipped from an opening of $63,814 on April 17, experiencing a 7.5% decline to an intra-day low of $59,648. Additionally, Open Interest (OI) in Bitcoin has seen a notable decrease over the past week, plummeting approximately 17.6% to $28.06 billion.
The Ethereum blockchain network is poised to achieve a milestone of $1 billion in annualised profits, having recorded a substantial income of $365 million in the first quarter of 2024. This impressive figure accompanies a remarkable year-on-year quarterly revenue growth rate of 155%. Compared to the preceding quarter of Q4 2023, Ethereum’s first-quarter income for 2024 represents an astounding nearly 200% surge from $123 million, as reported on April 17. Ethereum’s fee revenue, primarily generated from users paying for transactions, soared to $1.17 billion in the first quarter of 2024, marking a notable 155% increase from the same period in 2023 and an impressive 80% surge from the previous quarter. Over the past ten days, the Open Interest behind Ethereum has experienced a significant decline. It has dropped from a high point of $7 billion on April 9th, when Ethereum was priced at $3638, to $4.6 billion. However, despite this decrease, there has been a notable spike in dormant circulation on April 18th. This surge suggests a flurry of token movements and may indicate a forthcoming wave of selling.
Technical Outlook:
Bitcoin:
BITCOIN after making the new all-time high of $73,777 witnessed some profit booking and the prices corrected almost by 19% and dropped to $60,775. The bulls defended the key support level of $60k and the prices rallied back up to the $70k mark. However, the asset struggled to sustain above the $70k mark and witnessed another minor correction. The prices made a weekly low of $59,600. BTC is trying to take good support at the key level of $60,000. If it holds and sustains above the support then we may expect the bulls to resume the up move. However, to witness another rally, BTC has to break, close and sustain above the all-time high of $73,777.
Ethereum:
ETH after making the recent high of $4,093 witnessed a sharp correction and the prices fell almost by 25% and dropped to $3,056. Post this move the asset started consolidating in a range from $3,520 to $3,700. ETH has given a breakout below the range and made the weekly low of $2,852. However, the asset has not given a weekly closing below the key support level of $3,000. If it holds and sustains above the support of $3,000 then we may expect the bulls to resume the up-move whereas if it closes below $3,000 then we may expect further downfall.
BNB:
BNB after making the recent high of $645 witnessed a sharp correction and the prices fell almost by 23% and dropped to $495.8. The asset took support at the key level of $500 and rallied up to $634. The bulls, however, failed to manage their grip on the asset and couldn’t break the recent high of $645 and the prices saw another dip to $508. Currently, BNB is taking good support at $500 and is training in a range from $500 to $550 with low volumes. If it breaks and close below 500 then we may expect further correction.
Weekly Snapshots:
| USD ($) | 11 Apr 24 | 18 Apr 24 | Previous Week | Current Week | |||
| Close | Close | % Change | High | Low | High | Low | |
| BTC | $70,061 | $63,513 | -9.35% | $71,715 | $66,011 | $71,223 | $59,769 |
| ETH | $3,505 | $3,883 | 10.78% | $3,728 | $3,214 | $3,552 | $2,862 |
| BNB | $604.89 | $552.17 | -8.72% | $617.47 | $565.75 | $626.98 | $514.11 |
| crypto | 1w – % Vol. Change (Global) |
|---|---|
| BitCoin (BTC) | 43.01% |
| Ethereum (ETH) | 48.25% |
| Binance Coin (BNB) | 11.22% |
| Resistance 2 | $70,000 | $3,750 | $1.25 | $600 |
|---|---|---|---|---|
| Resistance 1 | $64,500 | $3,450 | $1 | $550 |
| USD | BTC | ETH | Matic | BNB |
| Support 1 | $60,000 | $3,000 | $0.75 | $500 |
| Support 2 | $56,000 | $2,750 | $0.5 | $430 |
Market Updates:
- Two United States Democrat senators Jack Reed and Laphonza Butler want Gary Gensler to pull the pin on any further crypto exchange-traded funds (ETFs), citing “enormous risks” to retail investors.
- The Hong Kong Monetary Authority (HKMA) has launched phase two of its e-Hong Kong dollar (e-HKD) pilot program and urged industry participants to apply and submit potential use cases for its central bank digital currency (CBDC).
- Reports indicate that a United Kingdom judge has ruled that Craig Wright is not Satoshi Nakamoto, the pseudonymous creator of the Bitcoin network who disappeared in 2010.
