Bitcoin has lapsed back into the trading range that has persisted for much of the year. The largest cryptocurrency by market value was last down marginally around $46,490. It climbed about 10% during March amid an end-of-month rally.
“It’s just technical in nature,” said Matt Maley, chief market strategist at Miller Tabak + Co. “The breather that Bitcoin is taking right now is normal and healthy after such a sharp rally. Once it digests those gains, it should be able to rally further.”
“Bitcoin bulls are really going to need a good fundamental reason for Bitcoin to break sharply higher,” said Nicholas Cawley, strategist for DailyFX. “At the moment, there’s nothing on the horizon.”
Bitcoin is down about 2.29% in 2022 (year-to-date or YTD) so far. It is about 30% far away from its record high of near $69,000 it had hit in November last year.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency in terms of market capitalization, rose 2% to $$3,433. Meanwhile, dogecoin price declined by more than 1.6% to $0.139783 whereas Shiba Inu was also trading 2.4% lower at $0.000026181317.
The performance of other digital tokens was upbeat with Solana, Polygon, Litecoin, Uniswap, Terra trading higher, while Stellar, Cardano declined over the last 24 hours. Meanwhile, the global cryptocurrency market capitalisation was above the $2 trillion mark at $2.18 trillion, up 0.8% in the last 24 hours, as per CoinGecko.