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Cryptocurrency price today: Bitcoin fell below the $40,000 mark on Tuesday, April 11th, after rallying for a few consecutive days and even approaching the $50,000 mark again amid negative market sentiment. At the time of writing this article, the price of one unit of Bitcoin, the world’s largest cryptocurrency, is $39,910, down 5.21 percent from the day before. Over the past week, the price of bitcoin is down 14.12 percent, according to coinmarketcap.com data.
“Bitcoin price fell below $40k for the first time in about a month as global financial markets generally weaken. The RSI fell to 35 as BTC entered oversold territory. The last time this happened was in February 2022. Sentiment quickly moved over. The general trend towards the coin reached the extreme fear level on the Fear and Greedy Indicator. The daily trend of BTC is about to break out of the ascending channel pattern. The immediate support for Bitcoin is expected to reach $37,600.”
Ether price is also down 5.13 percent over the past day to stand at $3,010.73 at the time of writing. The price of Ethereum has fallen by 14.40 percent in the past seven days. The global cryptocurrency market also declined as a result of negative market sentiment and a drop in altcoins as the Federal Reserve raised interest rates once again.
“One of the main movements we have seen is Bitcoin’s close relationship with technology stocks. In particular, the Nasdaq 100 or the NDX index. The correlation between NDX and Bitcoin recently reached a 10-year high. Darshan Bhattija, CEO and co-founder of Fold, said that This indicates that Bitcoin is behaving as a risky asset.
As the Federal Reserve raises interest rates, the idea is that investors will move from risky to risk-free assets like bonds and gold. As the market expects this narrative to emerge, Bitcoin is taking a beating. Thus, the cryptocurrency markets are feeling the pressure.”
“While the Luna Foundation Guard added another $173 million in BTC to its reserve portfolio over the weekend, the market leader and most cryptocurrencies fell. Traders are struggling to understand a bullish story for BTC and the broader market in the short term, as they anticipate a release US CPI inflation tomorrow. In conjunction with hawkish statements from the Federal Reserve last week, a higher-than-expected CPI report may point to further declines as central banks aim to curb inflation by tightening monetary policy,” the research team said. OKX.
Here are the top 10 cryptocurrencies and their prices on April 11, 2022 (data from coinmarketcap.com)
Bitcoin $39,910 or 5.21% loss in the last 24 hours
Ethereum $3,010.73 or 5.13 percent gain in the last 24 hours
Tie a gain of $1.00 or 0.00 percent in the last 24 hours
BNB $406.49 or 2.35 percent loss in the last 24 hours
USD Coin 0.9998 USD or 0.01 percent loss in the past 24 hours
XRP $0.7053, or 5.12 percent loss over the past 24 hours
Solana $102.67, or a 6.92 percent loss in the past 24 hours
Cardano $0.9513, or a loss of 6.33 percent over the past 24 hours
Terra $84.81 or 4.24 percent loss over the past 24 hours
Avalanche of $77.17, or 3.29 percent loss in the past 24 hours
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