The cryptocurrency market witnessed a slight easing in supply pressure following the rise in Bitcoin (BTC) and Ethereum (ETH). The latest relief rally in top altcoins started on April 2 with a positive entry into spot BTC ETFs. On-chain data tracker reported a net inflow of $39 million into Bitcoin, indicating an uptrend in investor sentiment.
Impact of Bitcoin Halving
Additionally, Grayscale Bitcoin Trust (GBTC) saw its lowest outflow in 14 days at $81.9 million. The most anticipated crypto event of the year, the Bitcoin halving, is scheduled for April 19. Therefore, the current market fluctuation is likely a pre-halving correction stabilizing the token before a directional market move. With the market showing a broader uptrend, the current correction could provide suitable buying opportunities in cryptocurrencies like Bitcoin (BTC), Litecoin (LTC), and Dogwifhat (WIF). Bitcoin operates as a decentralized cryptocurrency without a central bank or single administrator, transferable from user to user on the peer-to-peer Bitcoin network.
Over the last two months, the largest cryptocurrency by market value has witnessed a significant recovery, marked by a steep upward trend line on the daily chart. This rally brought the cryptocurrency to a new high of $73,800 on March 14. However, the overextended rally recently saw a slight pullback, with the cryptocurrency trading at $35,952, down 10.67%. Bitcoin’s current market value is $1.3 trillion, with a trading volume of $44.3 billion.
Trend Line in LTC
Amid the current correction, Bitcoin’s price is breaking below the indicated trend line, signaling potential for further decline. If the downturn continues, sellers could push the token down to $60,800 and then to $52,850. Often referred to as the silver to Bitcoin’s gold, Litecoin is a peer-to-peer cryptocurrency. The project stands out due to faster transaction confirmation times and improved storage efficiency compared to Bitcoin.
In the midst of the current market correction, Litecoin’s price is struggling to hold above the $112 barrier. The 4-hour chart, showing three significant bullish peaks, indicates that sellers are actively defending the overall resistance. At the time of writing, Litecoin’s price is trading at $99.87, down 6.5% intra-day. The market value is currently experiencing volatile trading at the $7.43 billion level. If supply pressure continues, the LTC price could break the two-week support trend line and accelerate a long-term downward momentum. Following the break, the decline could retest the support zone at $93.1 and then at $77.
