Bitcoin, Ethereum, Dogecoin Slip As Investors Await Jobs Data: Apex Crypto Could Go Below $25k ‘One Last Time’ If This Happens, Analyst Says
Major coins were trading in the red on Sunday evening as investors weighed the potential impact of major events in March such as bank failures, inflation and cryptocurrency-related regulatory actions.
| Cryptocurrency | Gains (+/-) | Price (admission at 9:30pm EST) |
|---|---|---|
| Bitcoin BTC/USD | -1.36% | $28,027 |
| Ethereum ETH/USD | -1.66% | $1785 |
| Dogecoin DOGE/USD | -5.78% | $0.078 |
What happened: The cryptocurrency market was rocked by volatility, but Bitcoin BTC/USD increased around 24% in March.
Top winners (24 hours)
| Cryptocurrency | Gains (+/-) | Price (admission at 9:30pm EST) |
|---|---|---|
| Aptos | +4.59% | $11.71 |
| Ripple | +2.50% | $0.51 |
| EOS | +2.40% | $1.22 |
At the time of writing, the global crypto market capitalization was $1.17 trillion, down 1.34% in the last day.
US stocks soared on Friday, responding to news that Federal Reservehis preferred measure of inflation has shown a smaller price increase than expected. The S&P 500 jumped 1.44%, while the Nasdaq Composite gained 1.74%.
See more: Best Crypto Day Trading Strategies
This week, investors will have a fresh batch of employment and economic results to determine whether the US economy is gaining momentum or continuing to slip, as recent indicators suggest. On Tuesday was US Census Bureau will release its durable goods orders report in February, with analysts expecting a 1% month-on-month drop. On Friday, the US Department of Labor will release its non-farm payrolls and unemployment report for March.
News Highlights: Arbitrum Foundation has agreed to split a disputed governance package into several individual votes, following a series of protests from holders of the ARB token.
“AIP-1 is too big and covers too many topics. We will follow the DAO’s advice and split the AIP into parts,” said Community Lead with the handle Eli_Defi in Arbitrum’s Discord server.
Analyst Notes: Pseudonymous analyst “Right Capital” observed that when Bitcoin breaks a certain market trend line, it usually leads to an uptrend. In 2015, however, there was a retest before the uptrend. If Bitcoin falls in April or May, it could be one of the last times it goes below $25,000 for a while.
Based on the chart provided by ‘Altcoin Sherpa’, Bitcoin appears to have broken out of a descending triangle pattern and is currently on an uptrend. The analyst has set a price target of $36,000 for Bitcoin.
According to analyst Jason Pizzino, Bitcoin is showing signs of being in the final phase of its accumulation pattern. This suggests that Bitcoin is preparing for a period of price increases. Pizzino notes that confirmation of this phase could take another week or two on the chart, and it will most likely happen if Bitcoin breaks above the 50% level, which is around $42,000. However, Pizzino also warns that Bitcoin still needs to test the low to the mid-$30,000 range before moving higher. Overall, while the accumulation phase is nearing its end, it has not quite arrived yet.
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