Bitcoin (BTC), the largest cryptocurrency by market capitalization, managed to reclaim the much-coveted $70,000 level earlier today, hitting a high of $70,230. Over the past 24 hours, Bitcoin has risen 2.4%, currently trading just below the aforementioned level. However, it is worth mentioning that $70,000 is a serious resistance level that the bulls have repeatedly failed to overcome. At the time of publication, the top cryptocurrency is changing hands at $71,704 after giving up some gains.
As noted by our popular cryptocurrency analyst Konstantinas Sizovas, the powerful technical indicator TD Sequential is currently showing a sell signal on the four-hour chart. The analyst believes a “one to four candlestick correction” is possible for the largest cryptocurrency. To recap, Bitcoin’s failure to gain a foothold above the $70,000 level on April 1st recently led to a sharp correction to the $65,000 level. However, Bitcoin managed to recover relatively quickly from this decline.
The largest cryptocurrency has once again succumbed to “extreme greed,” according to the Fear and Greed Index, which measures sentiment around Bitcoin on a daily basis. This means that the market is showing signs of growth after a short-term correction. The bulls’ latest attempt to break through the $70,000 resistance level comes ahead of the long-awaited halving event. With just 11 days left until the event, many expect the market to become even more turbulent due to growing mainstream media coverage.
The Dogecoin price witnessed a rollercoaster ride in the first week of April. The fresh correction, initiated at a high of $0.228, caused a 25% fall to $0.167 before returning to $0.2. With Bitcoin’s halving on the horizon, this healthy pullback could support DOGE’s price and resume its recovery trend. The medium-term outlook for Dogecoin (DOGE) is bullish, as indicated by the rising trend line on the daily chart. This trendline acts as a strong support during market corrections, signaling a strong recovery trend.
Following the recent correction, DOGE price hit a low of $0.17 before rising 20% to reach $0.2. The move broke above the key resistance level at $0.196, setting the stage for further recovery. At the time of publication, Dogecoin’s current market capitalization hovers at $28.9 billion, maintaining its position among the 10 largest cryptocurrencies. If this upward momentum continues, the price of Dogecoin could rise by 14%, reaching $0.228. A successful break above this level will further confirm the bullish trend and set the recovery trend at $0.271 followed by $0.3.
XRP, a cryptocurrency backed by Ripple Labs, attracted significant investor attention today, April 8, as its price turned bearish again. This bearish reversal, which occurred in tandem with the dump of 25 million XRP whale tokens on the CEX, sparked a swirl of speculation around the potential impact of the dump on the XRP price. Meanwhile, as the broader crypto market witnesses tumultuous changes due to the upcoming BTC halving, the long-awaited potential release of the $1 token in April appears to be shrouded in a cloud of mystery. However, with news of the BTC halving arriving earlier than expected, historical data showing altcoins mimicking the BTC uptrend following the halving is adding to bullish speculation about the upcoming price move for the Ripple-backed token.
Overall, current market dynamics do not provide confidence in XRP’s ability to reach $1 in April. However, it is worth noting that the highly volatile nature of the crypto landscape, further accompanied by the upcoming bullish event in the form of the BTC halving, could lead to a paradigm shift in XRP price action in the future. Additionally, prominent analysts continue to demonstrate continued optimism about the Ripple-backed token’s ability to reach $1 in April.
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