#Crypto market closed lower on Thursday, but little changed from the $2.53 trillion market cap over 24 hours.
However, the internal dynamics are mixed. #Bitcoin loses 1.5% and retreats to $66K, while #Ethereum hovers around $3500 (-0.25%), #BNB and #DOGE are up over 5%, and #XRP is up around 4%.
It's as if the cryptocurrencies haven't chosen their shepherd: should they follow negative from the strengthening dollar or positive after new heights of US indices? We lean towards the latter, believing that the dollar strengthens against even weaker peers whose central banks are more dovish.
Overall, G10 central banks’ dovishness eases a liquidity drain, which is positive for cryptocurrencies that are sensitive to it.
However, the internal dynamics are mixed. #Bitcoin loses 1.5% and retreats to $66K, while #Ethereum hovers around $3500 (-0.25%), #BNB and #DOGE are up over 5%, and #XRP is up around 4%.
It's as if the cryptocurrencies haven't chosen their shepherd: should they follow negative from the strengthening dollar or positive after new heights of US indices? We lean towards the latter, believing that the dollar strengthens against even weaker peers whose central banks are more dovish.
Overall, G10 central banks’ dovishness eases a liquidity drain, which is positive for cryptocurrencies that are sensitive to it.
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The #crypto market lost 4% in 24 hours, falling to a cap of $2.53 trillion. #Bitcoin (-3.7%), #Ethereum (-4.5%) and #BNB (-3.5%) are all down by the same amount. #Solana (-6.4%) and #Doge (-7.9%) are lagging the market, not to mention the systematically weak #Avalanche (-7% for the day and -17% for 7 days) and #Cardano (-4.5% for the day and -19% for 30 days).
A promising consolidation has yet to bear fruit. For Bitcoin, the bullish chart picture has not changed: we see only an extension of the consolidation after the rally from the January lows to mid-March. The next key support area is $62.8-63.0K, where the 50-day moving average and the lows of the corrective pullback in March are centred.
Ethereum has been testing the 50-day MA since the beginning of the day, which actively played the role of support in March. It has been rising steadily since the end of last year, but too much distance from it has caused corrections on more than one occasion.
A promising consolidation has yet to bear fruit. For Bitcoin, the bullish chart picture has not changed: we see only an extension of the consolidation after the rally from the January lows to mid-March. The next key support area is $62.8-63.0K, where the 50-day moving average and the lows of the corrective pullback in March are centred.
Ethereum has been testing the 50-day MA since the beginning of the day, which actively played the role of support in March. It has been rising steadily since the end of last year, but too much distance from it has caused corrections on more than one occasion.