Bitcoin Clings To $40K On Easter Sunday As Crypto Seen To Head Lower In The Short Term

Christian Encila

Last Updated: June 11, 2024 2:19 pm

2 mins read

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On Easter Sunday, the majority of cryptocurrencies traded downward. Bitcoin, which leads the pack, couldn’t shake off the retreat.

The total market capitalization of all cryptocurrencies as of Sunday was $1.87 trillion, down 0.69 percent from the previous day.

Expectations remain that Bitcoin (BTC) will continue to decline in the short term, as price compression has become the dominant chart feature of the Easter weekend thus far, saving worried traders another plunge below $40,000.

BTC was trading at $40,444.29 on Sunday, down 5.5% in the last seven days, according to Coingecko data.

The overall volume of the cryptocurrency market in the last 24 hours was $49.62 billion, a decline of 19.67 percent. The overall volume in DeFi is currently $5.26 billion, accounting for 10.60 percent of the entire 24-hour volume in the cryptocurrency market.

Contracting Range For Bitcoin

According to TradingView data, BTC/USD has been trading in a narrowing range with a ceiling of $40,700 on Saturday and Sunday.

As the holiday season began, the pair experienced little movement, as US equity markets were closed for the Lenten week, allowing crypto to avoid correlation-based volatility.

The price consolidation follows a week of bearish pressure that pushed the world’s most valuable cryptocurrency towards critical support levels.

Recent price consolidation follows a two-week losing skid in which Bitcoin lost about $10,000 in value.

According to CoinMarketCap data, the world’s largest cryptocurrency presently holds a 41 percent market share, a decline of 0.07 percent.

BTC total market cap at $787.44 billion on the weekend chart | Source: TradingView.com

BTC Making Higher Lows

By analyzing market movements, Kevin Svenson, a well-known bull on social media, warned that current chart behavior resembled the period immediately preceding Bitcoin’s bear market meltdown in late 2018.

While that occurrence followed a lengthy run of lower lows throughout the year, he highlighted that Bitcoin has been making higher lows in 2022, but it would not take much for the tables to turn and “capitulation” to enter.

Analyst: Bitcoin Won’t Hit The Dreaded $24K

Meanwhile, despite recent sluggishness, popular crypto researcher PlanB stated on Friday that they did not envision BTC falling to realized values.

Their statements come as the world’s most valuable cryptocurrency fell sharply earlier this month from its 2022 highs. BTC is presently trading roughly 20% below its year-to-date highs and has fallen more than 40% from its November record high.

PlanB mainly rejected concerns that BTC may plummet to $24,000 in a matter of days. They noticed that the last three times such an incident took place, it was in conjunction with a so-called “black swan” event involving the crypto.

The expert claimed that a spike in strong negative sentiment would be required to propel the market to realized levels.

Featured image from 123rf.com, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.