Bitcoin Price Slides as Cryptocurrencies Pullback
The bitcoin price is struggling to stay above the $61,000 mark on Thursday, according to data from the crypto exchange. The price of the largest crypto asset was falling Thursday and other cryptocurrencies were mixed, with momentum still lacking following a surge in prices earlier this year.
Bitcoin has fallen 1.9% over the last 24 hours to $61,172. The largest cryptocurrency, Bitcoin hit a record high near $74,000 in mid-March amid a surge of interest from new spot Bitcoin exchange-traded funds, or ETFs, but its price has since dropped.
Ether — the second-largest crypto — was down 0.8% to $2,980. The Securities and Exchange Commission is expected to make a final decision on Ether spot ETFs this month. Optimism, however, has been muted for a quick follow-up to the approval of Bitcoin ETFs which sent Bitcoin to all-time highs.
Despite this recent pullback, the broader technical indicators present a mixed outlook for the leading coin. The Relative Strength Index (RSI) currently stands at 42, indicating neutral sentiment among traders. However, it is noteworthy that the current price remains above the 200-day Exponential Moving Average (EMA), suggesting a bullish outlook over the longer term.
The crypto market, renowned for its volatility, has been grappling with heightened uncertainty in recent weeks. Bitcoin, often regarded as a bellwether for the wider sector, has faced challenges in sustaining its upward trajectory amid regulatory uncertainties and macroeconomic factors.
Concerns surrounding inflation and potential interest rate hikes on traditional financial markets have added to the apprehension among investors, influencing sentiment across the space. Given the prevailing market dynamics, analysts are meticulously monitoring Bitcoin’s price movements for any indications of a potential trend reversal.
Meanwhile, smaller cryptos or altcoins were mixed Thursday, with Cardano up 3% and Polygon gaining 0.6%, while Dogecoin fell 1.5%. The price of DOGE has dropped by 1.05% over the last 24 hours. The price of DOGE has been steadied after yesterday’s bearish trade. Canada Slams Binance $6m Fine for Money Laundering Violations
