Market overview

The crypto market capitalisation has fallen by 1.2% to $2.56 trillion over the past 24 hours, marking a second consecutive day of decline. This time, the pressure is linked to the broader strengthening of the US dollar, which is raising the benchmark higher. Among the top gainers are Tezos (+7.9%), Cosmos (+1.7%) and Doge (+1.6%). Zcash (-5.2%), Stellar (-2.3%) and Solana (-2%) are falling at an accelerating pace. The sentiment index has dropped from 47 to 33 due to deteriorating sentiment.

Bitcoin has fallen to $76.6K, where it last traded a week ago. Since late March, BTC’s price has been in a clear upward range, but we are now seeing an attempt to break through its lower boundary, potentially reversing or correcting the trend. A break of the trend will occur if prices fall below $75K, while a reversal to the upside from higher levels would merely be a correction within the uptrend. In this case, we should expect a swift retest of $80K and a likely acceleration of the rally should this resistance be broken.

Solana has been virtually stuck at its 50-day moving average for over two weeks, a line that is trending almost horizontally. However, on Tuesday, we are seeing an attempt by the bears to seize the initiative, as the coin is falling following the previous day’s close below this line. Without a swift reversal to the upside, Solana risks taking a significant step lower, breaking the support line near $80, which has held since the start of the year. The next major support level now appears to be the $20 region, which implies a fourfold decline.

News background

According to CoinShares, global investments in crypto funds rose by $1.2 billion last week. Investments in Bitcoin increased by $933 million, in Ethereum by $192 million, in Solana by $32 million, in XRP by $25 million, and in Chainlink by $7 million.

The fourth consecutive week of positive inflows into crypto ETFs reflects improved institutional demand amid Bitcoin’s highs since early February.

The leading cryptocurrency is in a ‘cautious rally’ phase, so the likelihood of breaking through the $80K level remains uncertain, CryptoQuant notes. The current phase resembles a transitional stage between negative sentiment and buyer dominance.

The number of active addresses on the Ethereum blockchain, smoothed by a 100-day moving average, has hit a new all-time high, which is a “hidden bullish signal”, notes an analyst at CryptoOnchain.

Strategy has reduced its Bitcoin purchases tenfold following its largest weekly acquisition of the asset in nearly a year and a half. The company purchased an additional 3,273 BTC last week for $255 million — at an average price of $77,906 per coin. Strategy now holds 818,334 BTC, purchased for $61.8 billion at an average price of $75,537 per Bitcoin. 

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