In the past 24 hours, Ethereum declined 3% to trade at $2,044. Among the major altcoins, XRP, BNB, Solana, Tron, Dogecoin, Hyperliquid and Cardano were in red and went down up to 6%.
Also Read | Nearly 176 debt funds offer returns over FDs in 2 years. Should investors rethink allocation?CoinSwitch Markets Desk said in the near term, price action is likely to stay driven by macro headlines with stronger cross-asset linkages. Liquidity positioning further reinforces this view, with liquidation heatmaps showing heavy leverage on both sides, particularly a dense short cluster around $69.5K–$70K, keeping markets driven more by positioning than conviction.The global crypto market capitalisation edged down 2% to $2.29 trillion, according to CoinMarketCap.
Despite the retracement, steady ETF inflows of $186 million over the last two sessions are helping support prices. Additionally, traders remain cautious, heading into the typically low-volume Easter period amid recent weak price performance, said Akshat Siddhant, Lead quant analyst, Mudrex.
He further said that if profit booking continues, Bitcoin could retest the $65,000 support and on the upside, a sustained move above $69,000 would be key to maintaining bullish momentum.In the past week, Bitcoin and Ethereum were down 6% and 4% respectively. Among the major altcoins, XRP, BNB, Solana, Tron, Dogecoin, Hyperliquid and Cardano slipped up to 13%.
Vikram Subburaj, CEO, Giottus said that the Bitcoin price action is still confined to a narrow band that reflects a market lacking directional conviction and positioning remains fragile.
ETF flows underscore the lack of follow-through. US spot Bitcoin ETFs drew $117.5 million in net inflows on March 31, before flipping to net outflows on April 1, Subburaj further said.
What other market analysts say
WazirX Market’s Desk
Moving averages indicate near-term sell signals, while oscillators remain neutral. Price action reflects consolidation following the recent move, with broader market structure remaining intact.
Ethereum trades near $2,074, with moving averages leaning toward sell signals and oscillators largely neutral. Current price action reflects a pause in momentum, while overall structure continues to hold steady across timeframes.
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Piyush Walke, Derivatives Research Analyst, Delta Exchange
On-chain data shows that the average Bitcoin exchange deposit size has increased significantly, which could indicate that whales are making inflows.
Price action currently appears cautious, with ongoing Iran-related tensions and growing concerns around potential quantum computing risks weighing on sentiment.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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