The cryptocurrency market has started the new week on a negative note, with the majority of altcoins trading in the red.
The market capitalization has dropped to slightly over $1.9 trillion. Bitcoin has dropped below the $40k mark which was a crucial support and resistance.
At this time, the only thing that matters is where the daily candle closes. If buyers can seize the opportunity and hold above the $37,000 level, a breakout might occur, followed by a return to $40,000.
Bitcoin Exchange Flow
Though there has been a mix of Bitcoin entering and exiting exchanges in recent days, Glassnode’s weekly data shows that the king coin has been retreating into wallets on a consistent basis.
Even though more than $6 billion entered and exited the markets over the preceding week, Data from 11 April revealed net outflows of around $229.9 million.
According to a Santiment analysis, transactions by Bitcoin whales worth more than $100,000 no longer dominate the scene.
In fact, since roughly 2012, they have made up the smallest percentage of BTC network volume. This indicates the advent of more mainstream firms with their own methods of market influence.
Bitcoin Price Action
The downtrend continued this Monday, as Bitcoin fell below $40k for the first time since March 16th. At the time of writing, btc price is $39,773 after having fallen to 39,570.
On the downside, the next immediate support now arrives in the $37,500-$37,000 region, followed by the $35,000 handle that has been intact since late February.
Bitcoin fell below $40k for the first time since March 16th, leading to nearly 150,000 traders being cleared of their positions.
According to Coinglass, over $439M has been liquidated across the crypto market within 24 hours. That includes 141,000 trades, one of which just lost $10M on his trade.