After the Bitcoin (BTC) price dropped below $ 56,000, an intense sales wave started as of April 7.
The spread of selling pressure across the market led to $ 1.4 billion in liquidation, and some analysts suggested that this could be the effect of overly leveraged long position traders aiming for Bitcoin to move above the $ 70,000 level.
Bitcoin price seems to have gained upward momentum by bouncing off the lower Bollinger band. Kimchi premium, which was observed to move ahead of the market last week and rose rapidly. On April 7, a 7 percent drop in BTC price followed. Traders were concerned that this was seeing the peak and signaling a downside.
Despite the downturn in the market, on-chain data shows that Bitcoin may soon rise to an all-time high because whales, miners and long-term investors are reducing or halting their sales, as well as increasing institutional demand.
Traditional markets are approaching record levels
The increase in employment, the rising density of the service sector, and the expansion in production led to unexpected optimism in traditional markets while raising stock prices.
Despite this positive news, the Dow Jones and NASDAQ exchanges fell by 0.06 percent and 0.16 percent, respectively. S&P 500 managed to close the day with an increase of 0.06 percent.
Coinbase listing brought relief
Several altcoins managed to recover for the day after the announcement that 1INCH, Enjin (ENJ), New Kind of Network (NKN) and Origin Protocol (OGN) will be listed on the Coinbase exchange.
Starting today, inbound transfers for 1INCH, ENJ, NKN & OGN are available in the regions where trading is supported. Traders cannot place orders and no orders will be filled. Trading will begin on or after 9AM PT on Fri 4/9 if liquidity conditions are met. https://t.co/L5KlZvMiuA
— Coinbase Pro (@CoinbasePro) April 7, 2021
After the announcement, the price of 1INCH and ENJ gained 5 percent, while Origin Protocol rose 10 percent and NKN increased 27 percent.
Solana (SOL) rose 10 percent, while Ethereum (ETH) fell 7 percent to just under $ 2,000.
While the total cryptocurrency market value hovered at $ 1.9 trillion, Bitcoin’s dominance rate was calculated as 55.6 percent.
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