The cryptocurrency market is closing the first day of April on a bearish note as most of the cryptocurrencies are expressing downfall. The crypto space was in a mood to rejoice as over the last few weeks these currencies were on green candles.
Bitcoin, the world’s largest cryptocurrency by market capitalization, is facing a rejection as the bulls failed to test $45,500 level as the currency saw rejection at the 200-day Simple Moving Average (SMA) twice at $48,413.
At the press time Bitcoin is trading at $45,361 with a plunge of 4.50% in the last 24hrs.
On the other hand, the second largest cryptocurrency by market cap, Ethereum, had broken $3,400 resistance on March 29th. However, today 1st April, Ethereum dropped to $3,214.
At the time of writing, Ethereum is changing hands at $3,316 with a decrease of 2.9% in the last 24hrs. The immediate support lies at $3,200 level.
Analysts Take on BTC & ETH !
A popular and pseudonymous crypto analyst, Pentoshi through his tweet, informs his 532,200 followers that as per his predictions Bitcoin’s support level lies at $44,000. As the flagship currency is currently trading above $45,000, it looks like BTC has managed to stay above the predicted support level.
Ethereum To Surpass $3,600 !
The analyst throws light on Ethereum saying the recent $600 million hack into Ethereum’s side-chain Ronin Network, might push Ethereum past $3,600 in the coming days.
The analyst, Pentoshi, concludes his analysis by encouraging investors not to always fight the momentum which is created by Bitcoin whales after making some big moves.
Pentoshi further explains giving an example of the $1.2 billion Bitcoin purchase by the Terra Foundation in mid-March which led to BTC’s recent surge. The second example he said was MicroStrategy CEO Michael Saylor’s tweet announcing a $205 million Bitcoin-collateralized loan with Silvergate Bank.