The cryptocurrency market is showing strong recovery, with Bitcoin trading at $117,500. The potential risks and current state of the market are examined.
Likelihood of Bitcoin Decline
The cryptocurrency market is inherently unpredictable, with recent headlines suggesting a possible downturn as prices from April 2 return. However, the market surprised many with improvements due to unexpected news. The duration of this rally remains in question, although certain risks still exist.
Current Status of Cryptocurrency Market
The total market volume surged by 83% since yesterday, reaching $258 billion. The total market cap hovers around $3.7 trillion, with Bitcoin's volume at $127.5 billion. The growth of market volumes requires not just an increase but also sustainable strength. With the weekend approaching, a volume above $200 billion could accelerate inflows into altcoins, as investors prepare to capitalize on potential double-digit gains.
Important Factors to Consider Soon
The ETHBTC pair continues to attract attention, as it still needs to establish a foothold at the 0.02563 BTC level. Clearing the resistance zone extending to 0.026170 BTC will be critical for altcoin growth. Prolonged weakness of ETH has impacted the altcoin segment, with some hitting their lowest points in the past year. The 0.02958 BTC mark may serve as a launching point for a rally in altcoins, but the initial resistance zone must first be overcome.
The situation in the cryptocurrency market continues to evolve, and while Bitcoin shows growth, there are many factors for investors to consider. Attention to trading volumes and key resistance levels will be critical soon.
