The crypto prices today were hit by a bearish trend but Bitcoin and Ethereum managed to sustain above $69,000 and $3,400, respectively

STORY HIGHLIGHTS

• Bitcoin rebounded past $69,000 and firmly sustained above it despite the bearish turn.
• Ethereum extended gains and traded above $3,400.
• Solana and XRP recorded a significant dip today.

The top crypto prices today witnessed a bearish turn while the Bitcoin (BTC) price sustained above the $69,000 level. In addition, the Ethereum price gained slightly and traded above the $3,400 mark. Meanwhile, other top altcoins, such as XRP and Cardano (ADA), Solana (SOL) dropped in value.

Major Crypto Prices Today

The Bitcoin price was up by 0.29% reaching $69,558.21 at the time of writing on Monday, April 8. On the other hand, it’s trading volume gained by 0.01% to $20.56 billion in the last 24 hours. Whilst, the crypto boasted a market capitalization of $1.36 trillion.
Looking at altcoins, the Ethereum price gained 0.91% to $3,427.74 at press time with a market valuation of $411.57 billion. Whilst, ETH saw its trading volume rise by 3.80%, reaching $9.74 billion. Meanwhile, the Binance Coin (BNB) price dipped 0.76%, reaching $584.27. In contrast, its 24-hour trade increased plunged by 3.42% to $1.38 billion.
The Solana price continued trading below the $180 mark today. The Solana price declined 2.28%, settling at $177.03. In addition, SOL witnessed a whopping 41.93% decline in trade volume to $1.77 billion in the last 24 hours. Whilst, the XRP price sustained the $0.59 level. The XRP price recorded a drop of 0.43%, reaching $0.5932. On the other hand, XRP’s trading volume surged 9.66% to $958.58 million.
Meanwhile, the Cardano price dropped 1.15% to $0.5836 today. Whilst, ADA recorded a 23.20% hike in its 24-hour trading volume, settling at $309.47 million. As the top crypto prices experienced a mixed action today, the meme coin arena witnessed volatility. The Dogecoin price surged by 1.84% to $0.2006 while its rival, Shiba Inu price slipped by 0.85% and traded at $0.00002811.

Top Crypto Prices Today Are

Pepe Coin (PEPE)

The Pepe Coin (PEPE) crypto, a popular Solana meme coin, rebounded significantly despite the bearish sentiment. At press time, the Pepe Coin price was up by 3.34% to $0.000007329 with a market valuation of $3.07 billion. In addition, the 24-hour trade volume for PEPE soared by 60.31% to $519.88 million.

Nervos Network Rallies 6%

Nervos Network (CKB) recorded a surge of over 6% and ranked as the top crypto gainer today. The CKB price was up by 6.54% to $0.02762 at the time of reporting. However, its trade volume slumped by 2.86% and stood at $297.55 million. Furthermore, the CKB crypto recorded a high of $0.03214 amid the rally today.

Bitcoin (BTC) Price Stabilizes Before March CPI Data and FOMC Meet, What’s Next?

The Bitcoin price rally above $72,000 can result into a short squeeze while pushing the BTC whales to increase their positions.

STORY HIGHLIGHTS

• The US to announces its CPI data for March this week hinting at next Fed action.
• Major central banks worldwide will mirror Fed's stance while maintaining interest rates unchanged.
• Bitcoin price rally to begin after halving all the way to $120,000.

The Bitcoin price has been flirting around the $69,500 level recently as it awaits key economic data ahead of this week. Furthermore, starting today, the Bitcoin ETN products will be available on the London Stock Exchange for trading.

Key Macro Data Release This Week

This week, investors are bracing for a slew of macroeconomic events and data releases, including several key U.S. economic indicators and interest rate decisions from major central banks worldwide. The United States is set to unveil the March Consumer Price Index (CPI) on April 10, followed by the release of the March Federal Open Market Committee (FOMC) minutes on April 11. There’s a high likelihood, estimated at 93.3%, that the FOMC will maintain interest rates unchanged in May.
As we progress through this month, major central banks will mirror the Federal Reserve’s stance by maintaining interest rates at their current levels. The release of robust U.S. economic data has dampened expectations of potential interest rate cuts, prolonging the high-interest-rate environment. Against this backdrop, U.S. stocks, serving as the bellwether for risk assets, have experienced significant volatility.

Bitcoin Price Action Ahead

Meanwhile, in the cryptocurrency market, the $70,000 price level for Bitcoin (BTC) remains a fiercely contested battleground. However, other cryptocurrencies besides Bitcoin have entered into a technical bear market, facing downward pressure.
However, some market analysts also believe that the Bitcoin price might consolidate until halving to resume an upward rally all the way to $120,000 by the year-end.

The price target of the current Bitcoin wyckoff structure is literally off the chart. Mind numbingly high. pic.twitter.com/PC5v3VAMbI
— Charles Edwards (@caprioleio) April 8, 2024

Prominent investors, known as “Bitcoin whales,” have been amassing notable quantities of Bitcoin, indicating a positive market sentiment. In a recent transaction, one such whale acquired $90 million worth of BTC.
Analysts at CoinGlass speculate a potential short squeeze for Bitcoin if prices surpass the $72,000 mark. This scenario might prompt whales to maintain or increase their holdings, consequently propelling the price higher.
Bitcoin’s current price action is confined within a symmetrical triangle pattern, reflecting a state of uncertainty in the market. A breakout above the triangle suggests a bullish trajectory towards levels around $73,777 or possibly even $80,000. Conversely, a breach below the pattern could lead to a decline towards the $59,000 mark.