Today marks the first day of the holiday, yet cryptocurrencies continue to face declines. The anticipated weekend drop arrived, catching no one by surprise. In Friday’s assessment, it was noted that BTC and altcoins would likely move towards their support levels again. This expected scenario unfolded, with Bitcoin (BTC) 
$108,850 falling to $81,644.
Bitcoin (BTC) During the Holiday
Since 2022, holidays have not been favorable for cryptocurrencies. Following the latest PCE data, concerns over tariffs have intensified, leaving investors bracing for another wave of selling.
Anxiety over the global trade war, uncertainty regarding tariff sizes, and a diminishing appetite for risk in cryptocurrencies have pushed RSI levels to new lows. Investors hope for a recovery phase in the markets following the clarification of tariffs on April 2.
The key area of $89,000 remains significant on the daily chart. Despite numerous attempts, rejections have brought tests around $81,500. Should the decline continue, a target of $76,800 is expected. If the anticipated outcome occurs on April 2, closing above $89,000 may lead to new peaks between $92,800 and $102,300.
Current State of Cryptocurrencies
Total trading volume has dropped by 30%, falling to $50 billion. The fear index stands at 24, while the altcoin season index is close to its lows at 17. The general outlook for altcoins remains weak due to fluctuations in BTC prices. Although altcoins like BERA, MKR, and MOVA showed weekly gains, they fell by 7% in the last 24 hours.
CRO Coin emerged as the week’s winner, ranking first among the top 100 cryptocurrencies with a 30% gain. FORM and ZEC followed with gains between 16% and 27%. In terms of volume, SUI Coin climbed the ranks, surpassing alternatives like PEPE, TRX, and ADA Coin.
Overall, cryptocurrencies have faced losses nearing 70% since mid-December. This has resulted in closures below last year’s lows. If sentiment shifts in April, investors may observe a reversal of similar magnitude in their losses.
Today, we will share details on developments expected in the coming week. Depending on the calendar, volatility is likely to occur.
