Cryptocurrency Price on April 4: Bitcoin falls below $66,000; Solana, Dogecoin tank over 4%

"Bitcoin has been rejected on the retest of its upward trendline at $66,000 and will likely head towards $64,000 for strong support. Speculations of a sell-off of a large stash of BTC by the US government is driving current bearish sentiment," said Vikram Subburaj, CEO of Giottus.

"For Bitcoin to push for $70,000 again, inflows into ETFs have to materially increase, similar to early March. The narrative behind the upcoming halving can also potentially drive its short-term adoption," Subburaj said.

CoinDCX Research Team, said, "In the past 24 hours, BTC and ETH traded sideways while many altcoins experienced a decline. BTC remained range-bound, with significant liquidation levels at $67,000 and $64,000. It's anticipated that BTC will need to surpass these levels before making any significant moves."

The total volume in DeFi is currently $12.28 billion, 12.92% of the total crypto market 24-hour volume. The volume of all stablecoins is now $89.38 billion, which is 94.03% 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, declined to $1.293 trillion. Bitcoin's dominance is currently 52.06%, according to CoinMarketCap. BTC volume in the last 24 hours fell 33% to $31 billion.

The largest cryptocurrency has reflected a slump in price momentum after experiencing negative net flows into the spot ETFs. The spot ETFs were the main reason for rallies during the first quarter of 2024. With just around 2 weeks left for halving, we can expect more volatility due to the favourable change in supply dynamics, said Shivam Thakral, CEO of BuyUcoin.

(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