Following a volatile weekend, both Bitcoin and altcoins continue to face downward pressure, with Bitcoin retreating to the $64,000 level after an initial bounce on Monday.
Ether Struggles to Maintain Momentum
Ether (ETH), the second-largest cryptocurrency, hovers just above the $3,100 mark, showing signs of struggle in retaining gains made since the market’s panicky selloff on Saturday. Despite being up 4% over the past 24 hours, ETH remains lower by about 4% since briefly reaching nearly $3,300 earlier on Monday, fueled by unconfirmed reports of Hong Kong-based spot Bitcoin and Ether ETF approvals.
Bitcoin and Altcoins Face Renewed Downside Pressure
Bitcoin (BTC) also experiences renewed downside pressure, modestly lower over the past 24 hours to $64,200 after nearly reaching $67,000 earlier on Monday. The broader CryptoX 20 Index reflects a 0.68% increase over the same period.
Solana (SOL) sees a significant reversal of its overnight gains, dropping to around $140 from highs of $155 early Monday morning and $175 reached on Friday.
Geopolitical Tensions Influence Market Sentiment
The crypto market plunged over the weekend as geopolitical tensions escalated, with Bitcoin dropping to the $61,000 area and Ether below $3,000 following Iran’s bombing campaign on Israel. Despite initial turmoil, some stability returned over the weekend.
Market Response and Outlook
Trading house QCP Capital notes that historically, buying the dip during major geopolitical conflicts has been profitable. Ed Goh, head of trading at B2C2, reports consistent buying in BTC, particularly during the weekend dip, with a notable bias towards purchasing altcoins.
As Bitcoin’s halving event approaches on April 19, traders anticipate a potential short-term “sell the news” reaction before and after the event.
Altcoins Show Mixed Performance
Despite setbacks in the broader market, some altcoins continue to see significant gains on Monday. Ondo Finance (ONDO) is up 15% over the past 24 hours, while Render’s RNDR and The Graph (GRT) rose by 12% and 9%, respectively.
Featured Image: Freepik
