Cryptocurrency Price on April 3: Bitcoin falls below $66,300; Ethereum, XRP shed up to 2%

Meanwhile, the decline in the crypto market was also influenced by recent U.S. economic data, particularly strong manufacturing and labor market readings, which have raised the possibility that the Fed might postpone rate cuts.

"Bitcoin slipping below $65,000, marking its lowest point since March 24th, comes amidst a Dollar index surge fueled by robust U.S. factory data," said Edul Patel, CEO of Mudrex.

"Bitcoin's ability to maintain levels above $65,000 is crucial to mitigate further declines, with a breach possibly leading to a descent towards $63,500. Conversely, surpassing the $68,000 threshold could pave the way for Bitcoin to target the $71,000 resistance zone," Edul added.

Meanwhile, CoinDCX Research Team, said, "In the past 24 hours, the crypto market experienced a downturn without a clear catalyst. Factors such as outflows and a large transfer of seized BTC by the US government contributed to the decline."

The global cryptocurrency market cap fell 0.36% to around $2.5 trillion in the last 24 hours.

The total volume in DeFi is currently $12.06 billion, 9.66% of the total crypto market 24-hour volume. The volume of all stablecoins is now $116.84 billion, which is 93.54% of the total crypto market 24-hour volume, as per data available on CoinMarketCap.

In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, fell to $1.3 trillion. Bitcoin's dominance is currently 52.15%, according to CoinMarketCap. BTC volume in the last 24 hours fell 10.3% to $46.7 billion.

"Bitcoin's technical indicators reflect current market conditions. The hourly MACD shows a loss of momentum within the bearish zone. BTC/USD's hourly RSI has dipped below the pivotal 50 level, indicating a potential downtrend. Major support levels are identified at $65,200 and $64,500, while notable resistance levels stand at $66,000, $67,200, and $67,950. Traders are closely monitoring these levels for potential market movements," said Rajagopal Menon, Vice President WazirX.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Source: Forex-Markets-Economic Times