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As we approach the end of April, the impressive performance seen in the first quarter has given way to subdued pricing this month. Appetite has weakened for various reasons. Even the halving could not boost the risk appetite of cryptocurrency investors. So, what is the current situation in the cryptocurrency markets as of Sunday, April 21?
Bitcoin (BTC)
As this article is being prepared, the price of Bitcoin stands at $65,000, and altcoins are showing relatively positive trends. Many cryptocurrencies have seen gains of 5%. The resurgence of BTC above $65,000 is positive. Some experts say the halving is already priced in, but it’s still too early to be sure.
On the macroeconomic front, recent data and statements now suggest that April’s inflation data could be decisive for 2024. If next month’s inflation data comes in below expectations and we can avoid new war rhetoric, Bitcoin could start its journey to an all-time high.
The $63,350 region is currently holding as support, but $65,470 remains a resistance point. This area has not been permanently breached since April 13. If closures above this are seen, we could witness a new movement towards $66,860 and $67,804. In scenarios where the second resistance is also breached, BTC could again target the $71,700 and $73,777 barriers.
Current Status of Cryptocurrencies
Among the top 100 cryptocurrencies, BONK Coin was the biggest gainer of the day. This meme coin, which outperformed other cryptocurrencies, experienced a rise of nearly 40%. FLOKI and SHIB also gained 18%. The double-digit rises in meme coins following the halving show that investors are starting to take risks again.
The only issue is that volumes have fallen below $60 billion with the halving. The 43% drop in volume will likely increase on Monday, the first trading day after the halving, supported by ETFs. The highest volatility of the day now occurs during the US market opening/closing hours because inflows into spot Bitcoin ETFs have already exceeded $12 billion and have become more impactful than an average exchange.
