Bitcoin dips sharply after crossing $71,000 in US trade hours

Crypto market overview: Bitcoin crossed $71,000 mark in US tre hours on last eve of March, however, a strong dip in BTC chart was witnessed in early tre on Monday due to strong profit booking after yesterday’s gain. leing cryptocurrency dipped to $69,000 from $71,000, and currently tring at $69,654.51, recovering from dip.

Ereum also followed a similar trajectory and currently tres 2.3 per cent lower at $3,547.50. Bitcoin Cash, Ton Coin, and Solana were among one of top gainers in last 24 hours. 

Crypto Fear and Greed Index leaned furr towards greed side of index as we entered halving month, leing to positive momentum in market. 

Image credit: Alternative.me 

Over weekend market remained relatively bullish with ETH leing charge over BTC. Talking about crypto market momentum with Republic Business, CoinDCX Research Team said, “ crypto markets continued to climb over weekend, as overall market capitalisation hit its highest point in last 15 days. BTC was rangebound with an upward bias, tring between $70,000 and $71,000.” 

CoinDCX believes that key support levels for BTC are around $69,000, $65,550, and $62,000, with resistance at $71,400 and $72,700. For ETH, support levels include $3425, $3300, and $3200, while resistance is at $3650, $3870, and $4070. 

Sharing crucial resistance level for BTC, CoinSwitch Venture’s Investment Le Parth Chaturvedi said, “For BTC to continue its upward march, it will have to break crucial resistance of $71,500, which may open strong possibilities for BTC to cross $75,000. Simultaneously, ETH continued its upward price performance over weekend.” 

Ereum’s strong price action

While ETH is experiencing an overall positive price action, its liquid supply seems to be declining. Citing Glassnode data, Chaturvedi said, “Just 11 per cent of ETH’s total supply is currently available for active tring, down from 15.8 per cent same time last year. However, given investor sentiment and whale accumulation pattern, this has only boosted ETH’s price by over 50 per cent since beginning of 2024.” 

On or hand, DOGE emerged as one of biggest gainers in last 7 days with gains of over 25 per cent. Anor dog-med meme coin entered meme coin big leagues over weekend. Dogwifhat has become third-largest meme coin with over 60 per cent in weekly gains.

Citing Bitcoin’s attempt to break past 71,000 level as a continuous tug of war, Shivam Thakral, CEO of BuyUcoin, said, “Since last week, Bitcoin has been trying to break $71500 resistance only to fall back to $70,000 level. An important level to hold for largest cryptocurrency is support of $69,000, failure to do so might push it to $65,000. It would be interesting to see how Bitcoin price action unfolds this halving with just 22 days left roughly for 4th Bitcoin halving.”

Altcoin rally continues 

Underlining strong altcoin rally, Vikram Subburaj, CEO, Giottus said, “Top altcoins have rallied well today with Ereum ($3,600) and Solana ($200) reclaiming key levels. We anticipate Bitcoin and key altcoins to have a strong April before a likely pullback in May. To continue its momentum, BTC should retest its high at $73,000 and enter price discovery mode. Key upward targets for altcoins: Ereum ($3,700), BNB ($620), Solana ($210), XRP ($0.65), Cardano ($0.67), and Avalanche ($58).” 

Edul Patel, CEO of Mudrex said, “Bitcoin tring volume has increased by about 19 per cent in past day, with over $20 billion worth of Bitcoin tred during this period. Bitcoin's next resistance level is expected at $71,781, with next support level at $70,708. Ereum, however, has been experiencing consistent buying pressure, which continued in last 24 hours. Overall, crypto market remains in an extremely greedy state.”