On Easter, most cryptocurrencies traded in decline. Bitcoin, which is leading the pack, could not shake off the withdrawal.
The total market capitalization of all cryptocurrencies on Sunday was $ 1.87 trillion, down 0.69 percent from the previous day.
Expectations remain that Bitcoin (BTC) will continue to decline in the short term, as price compression has become the dominant feature of the Easter weekend chart so far, saving worried traders another drop below $ 40,000.
BTC traded at $ 40,444.29 on Sunday, down 5.5% in the last seven days, according to Coingecko.
The total volume of the cryptocurrency market in the last 24 hours was $ 49.62 billion, down 19.67 percent. DeFi’s total volume is currently $ 5.26 billion, accounting for 10.60 percent of the total 24-hour volume in the cryptocurrency market.
Bitcoin contracting range
According to TradingView, BTC / USD traded in a narrow range with a $ 40,700 ceiling on Saturday and Sunday.
As the holiday season began, the pair experienced little movement as U.S. stock markets were closed for Lent Sunday, allowing cryptocurrencies to avoid correlation-based volatility.
Price consolidation followed a week-long bearish pressure that pushed the world’s most valuable cryptocurrency toward critical support levels.
The recent price consolidation followed a two-week drop in which Bitcoin lost about $ 10,000 in value.
According to CoinMarketCap, the world’s largest cryptocurrency currently holds 41 percent market share, down 0.07 percent.
BTC total market cap at $787.44 billion on the weekend chart | Source: TradingView.com
BTC is experiencing larger declines
Analyzing market trends, Kevin Svenson, a well-known bull on social media, warned that the current behavior on the chart resembles the period immediately preceding the collapse of the bitcoin bear market in late 2018.
Although this phenomenon followed a long series of lower declines throughout the year, he stressed that Bitcoin recorded more declines in 2022, but it shouldn’t take long for tables to turn around and “capitulation” to enter.
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Analyst: Bitcoin will not reach the frightening 24 thousand dollars
Meanwhile, despite recent sluggishness, popular crypto researcher PlanB said on Friday that they do not predict that BTC will fall to realized values.
Their statements come after the world’s most valuable cryptocurrency fell sharply earlier this month from its 2022 highs. BTC is currently trading approximately 20% below its previous year’s highs and fell more than 40% from a record high in November.
PlanB has largely dismissed concerns that BTC could fall to $ 24,000 in a few days. They noticed that the last three times there was such an incident in connection with the so-called “black swan” event, which includes cryptocurrency.
The expert claimed that it will be necessary to increase the strong negative mood in order for the market to move to the achieved levels.
Featured image from 123rf.com, chart from TradingView.com