Cryptocurrency Price on April 25: Bitcoin drops below $65.3K; Solana, Avalanche tumble up to 9%

CoinDCX Research Team said, "The crypto market faced a downturn due to renewed conflict in the Middle East and worries about China's economic health, affecting investor confidence. Additionally, slowed ETF inflows contributed to the negative sentiment."

Meanwhile, Rajagopal Menon, Vice President at WazirX, said, "Bitcoin’s latest correction has sent the token below its strongest support level of $65K. The price correction phase continues for the token as it currently stands at $64223, a 0.12% decrease in the last 24 hours. The geopolitical tension in the Middle East is impacting the token movement."

"Bitcoin's short-term trend appears mildly bullish despite ongoing corrections. Contraction of Bitcoin Bollinger Bands suggests reduced volatility post-correction, possibly stabilising around $61,000," Rajagopal said.

The global cryptocurrency market cap fell by 3.9% to around $2.37 trillion in the last 24 hours.

The total volume in DeFi is currently $6.33 billion, 7.64% of the total crypto market 24-hour volume. The volume of all stablecoins is now $76.85 billion, which is 92.72% 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, dropped to $1.265 trillion. Bitcoin's dominance is currently 53.39%, according to CoinMarketCap. BTC volume in the last 24 hours rose 27.6% to $30.8 billion.

"The technical outlook pegs Bitcoin resistance at $67,687 and support at $63,654, suggesting bullish sentiment above $65,825. However, a breach of this pivot point could trigger a downtrend," said Sathvik Vishwanath, Co-Founder & CEO of Unocoin.

"Solana (SOL) has surged past its $150 resistance, signaling a potential rally ahead. With sustained trading volumes, the next hurdle is seen at $161. SOL's smooth recovery suggests strong support, and breaking above $161 could lead to significant gains," 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