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Bitcoin holds steady amidst limited catalysts

TL;DR

  • Bitcoin holds nearly $70,000 and is stable before options expiry.
  • Dogecoin rises 6%, signaling a potential rally with fractal patterns.
  • Bitcoin Cash jumps 13% pre-halving, reducing rewards and supply.

During the last 24 hours, the Bitcoin (BTC) rates have been relatively stable, showing minor fluctuations due to the lack of strongly meaningful events that primarily moved the markets. Though it rallied from close to $71,000 on Tuesday, the cryptocurrency, which had since previously lost its gains, has consistently hovered around the $70,000 mark. This calm came before a decisive options expiry day, slated for Friday.

Market overview and tokens’ valuations

The SOL, XRP, and BNB coins on the Solana, Ripple, and BNB Chains registered between a 2% and 2% decline, respectively, and the Internet Computer’s ICP recorded a 6% decline. The traders warned that this would happen if Bitcoin did not maintain the $69,000 support level in the next few days and pulled back the broader market.

FxPro senior market analyst Alex Kuptsikevich explained that the reduction was due to both bulls taking their profits and the general decline in appetite for risk on a global scale. The trader Kuptsikevich Mark noticed that employment of the cryptocurrency traders’ short-term focus consists of making sure that bitcoin can retest Tuesday’s intra-day lows around $69.5K; here, any break under this level will serve as a sign of a potentially prolonged downtrend.

The ‘Dogecoin skyrockets 

The Dogecoin (DOGE) coin stands out among many crypto tokens, showing 6 percent growth. In respect of this, history sounds the same for DOGE, and it displays fractal patterns in every sense of the term that are identical to those preceding the period of significant rallies. This up-trend took the coin’s price above the 21 cents level for the first time since December last year.

Bitcoin Cash (BCH) managed to record a hefty 13% hike in a few hours before the halving date set to be 4th of the way in April. Presently, the block reward amounts to 6.25 BCH, but with the imminent miner’s rate adjustment, it will move to 3.125 BCH. The BCH price finding support at the beginning of May was coupled with a two-fold growth in open-ended positions on BCH futures, signaling an increase in positions backed by margin as suggestions of high volatility set in.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Ibrahim Abdulaziz

A fervent advocate, Ibrahim shares his wealth of knowledge on crypto and blockchain technology in an engaging and informative style. He frequents places where influencers gather for his next scoop. His vision is that the decentralized nature, security features, and potential for financial inclusion will drive widespread massive crypto adoption.

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