The crypto industry has witnessed a massive correction of over 6% in market capitalization within the past 24 hours, with prices of top crypto tokens such as BTC and ETH recording corrections of over 5.5% in their respective portfolios. are doing.
Bitcoin price, the market leader, showed a strong bearish movement, followed by the top altcoins, which also showed a similar trend. Will the virtual currency market show positive results in April, or will it continue to show negative price movements?
Bitcoin price plummets below $67,000!
BTC price ended March on a good note, adding over 16% to the portfolio during this period. Additionally, Star Crypto also hit an all-time high of $73,754 during this period, highlighting the positive outlook for the price this year.
However, Bitcoin price started April on a bearish note, recording a correction of over 5% on the first day, marking a strong bearish reversal in the cryptocurrency industry.
Bitcoin has fallen more than 5.65% in 24 hours and more than 6% in the past seven days. Moreover, its technical indicator, MACD, is showing a bearish price movement for the upcoming price, suggesting that the price will show negative price movement this week.
Witness panic sales of altcoins!
The industry experienced a significant correction in valuations after the crypto market moved out of overbought territory on the lower time frame. Additionally, major altcoins in the top 100 cryptocurrencies recorded corrections in the early hours of today's trading hours.
Recently, many altcoins managed to achieve a new ATH in their respective valuations, after which the volatility of these tokens increased significantly and the cryptocurrency industry experienced a FOMO-like situation. As volatility increased, the industry started registering increased price fluctuations, resulting in the market registering large-scale corrections.
Did you know: Bitcoin price braces for 15% crash ahead of halving: Is this a bearish start to April?
Is now the right time to invest in cryptocurrencies?
The cryptocurrency industry has already experienced a major catalyst with the Bitcoin Spot ETF acting as a ladder into the BTC price to successfully achieve the new ATH. Additionally, Ethereum price has also shown bullish price action, indicating increased investor interest in altcoins.
Looking forward, the upcoming Bitcoin halving could cause the industry to experience another bull market by the end of the year, giving investors a great opportunity to maximize profits from a long-term perspective. .
Note: The market is very volatile at the moment, so please be sure to do your own research before investing in cryptocurrencies. This article is written for research purposes, not promotional purposes.
