(Kitco News) – Cryptocurrencies on Monday as excitement over the upcoming halving pushed Bitcoin (BTC) prices above $71,000 as the top crypto prepares for its fourth reduction in new BTC emissions. The currency was trending upward.
Stocks had a volatile day of trading, but the S&P, Dow, and Nasdaq all ended where they started, posting changes of -0.04%, -0.03%, and 0.03%, respectively, adding to the overall picture. There was almost no change.
Last week's comments from Federal Reserve officials and the rise in the 10-year Treasury yield have kept investors in the market at least until Wednesday's Consumer Price Index (CPI) report provides an update on market conditions. appear to be reluctant to increase their exposure. Analyzes inflation rates and provides clues about how the Fed will respond going forward.
Bitcoin rebounded from support at $69,400 during Monday morning trading to reach a daily high near $72,800, before falling back to support near $71,500, according to data provided by TradingView. , indicating that the bulls are trying to regroup before moving higher.
BTC/USD Charts by TradingView
At the time of writing, BTC is trading at $71,720, up 3.45% on the 24-hour chart.
Bulls gearing up for further rise
“Bitcoin’s rise above $72,000 marks its peak since mid-March and signals that it is inching closer to the expected reward halving event,” said analysts at Secure Digital Markets. “It shows some bullish momentum.” “This uptrend also had a positive impact on US crypto-related stocks at the beginning of the week.”
“After the stock market close on Friday, BTC witnessed a staggering 8% rise,” they said. “A breakout of the symmetrical triangle pattern would indicate a solid bullish indicator for the market, but a decline to around $71,000 is still within the realm of possibility. Adjusted to $67,500.”
“In the altcoin sector, several coins are observed at attractive valuation levels, including LINK, RNDR, SUI, STX, etc.,” the analysts said. “These coins have seen a significant recovery, making it a great time to strengthen your altcoin portfolio in anticipation of Bitcoin’s potential record highs.”
They also highlighted $203 million inflows into Bitcoin ETFs as another bullish sign, noting that “inflows to Grayscale reached $198.9 million, compared to BlackRock The amount of inflows into the market soared to $308.8 million.” In particular, $IBIT and $FBTC have raised cash for 59 consecutive days, ranking among the top 20 all-time. ”
Secure Digital Markets points to several headwinds facing the market, including the latest jobs report, which “highlights the strength of the U.S. labor market and encourages the Federal Reserve's continued prudence.” I insisted,” he said.
“Market participants may be able to influence Fed policy as inflation data is released, particularly Wednesday's consumer price index following February's slightly better-than-expected annual rate of 3.2%,” the person said. We eagerly await any meaningful insights.” “This expectation is growing in the debate, with figures like Minneapolis Fed President Neel Kashkari saying that if inflation stays at current levels, a no-rate-cutting scenario this year is becoming increasingly likely. It suggests.”
They identified Bitcoin’s current resistance level as $74,000 and $67,500 as the major support.
The early gains in Bitcoin and gold on Monday suggest bulls could soon push BTC to new record highs, according to Michael van de Poppe, founder of MN Trading. That's what it means.
Let's go then.#Money Opening with a big new upward candle, #bitcoin I was back at $71,000.
Given the strength of the commodity and Bitcoin's current price movement, I think a test of all-time highs may be on the horizon. pic.twitter.com/GaCvQK2q4K
— Michael van de Poppe (@CryptoMichNL) April 8, 2024
Altcoins in an uptrend
Altcoins benefited from Bitcoin's rally, with only 18 of the top 200 tokens posting losses in Monday's trading.
Daily cryptocurrency market performance. Source: Coin360
Neo (NEO) led the gainers with a gain of 34.35%, followed by Safepal (SFP) with a 20% gain and Nervos Network (CKB) with an 18.9% gain. Biconomy was the biggest decliner with a 16.2% drop, followed by Cat in a Dogs World (MEW) with a drop of 8.9% and Decred (DCR) with a drop of 5.2%.
Currently, the total market capitalization of virtual currencies is $2.69 trillion, with Bitcoin controlling 52.4%.
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