to leave a comment.

▲ Cryptocurrency ©
Despite the cryptocurrency market experiencing a short-term correction, analysis suggests that the overall bullish sentiment is still being maintained.
According to investment media FXStreet on April 8 (local time), the total cryptocurrency market capitalization decreased by 1.65% over the past 24 hours, reaching $2.41 trillion. While most major coins declined, Near Protocol (NEAR) rose by 1.1% and Tron (TRX) by 0.3%, performing relatively well, and Bitcoin Cash (BCH) limited its decline to -0.5%. In contrast, Algorand (ALGO) fell by -11.4%, and Aptos (APT) and Polkadot (DOT) each dropped by -6.1%, showing weakness.
Bitcoin (BTC) attempted to break above $73,000 again but was met with selling pressure, resulting in a pullback to around $71,000. However, the price is holding above the 50-day moving average, and the fact that this indicator has turned upwards suggests that the short-term uptrend is being maintained. It is evaluated that the market needs to stabilize above $75,000 to enter a full-fledged bull market.
Ethereum (ETH) experienced a correction, falling approximately 4% from its previous day's high to the $2,180 level. However, this decline is analyzed to be more of a short-term correction rather than a structural bearish reversal. Currently, the market is showing volatility within a range between $2,000 and $2,400, and whether it breaks out of this range is expected to determine its future direction.
Caution is also being raised regarding the overall market. LVRG analyzed that the potential re-escalation of geopolitical tensions and macroeconomic variable uncertainties could limit the rise of cryptocurrencies. Specifically, some opinions suggest that a full-fledged bull market can only resume if Bitcoin stably settles above $74,000 and subsequently breaks through $80,000.
Meanwhile, changes in the regulatory environment and industry structure are also affecting the market. The U.S. Securities and Exchange Commission (SEC) assessed that lawsuits against cryptocurrency companies conducted under the former Gary Gensler regime were a misguided approach. Furthermore, some market participants are raising concerns about structural limitations within the industry, pointing to a decline in the quality of cryptocurrency projects and a lack of innovation.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
Newsletter
Get key news delivered to your email every morning
to leave a comment.