Bitcoin Dips Below $85,000 as Market Sentiment Remains Fearful
Bitcoin (BTC), recognized as the first and most prominent cryptocurrency, fell below the $85,000 threshold early Thursday. Meanwhile, several popular altcoins, such as Ethereum (ETH), Solana (SOL), Ripple (XRP), and Litecoin (LTC), mostly registered gains. The Market Fear & Greed Index reflected a score of 30 (Fear) out of 100, according to data from CoinMarketCap. Among the tokens, Helium (HNT) emerged as the standout performer, recording a nearly 8 percent increase over 24 hours. Conversely, Mantra (OM) continued its streak as the largest decliner for the fourth day in a row, marking a loss of nearly 11 percent in the same period. The total market capitalization of cryptocurrencies reached $2.65 trillion at the time of this report, showing a 24-hour increase of 0.55 percent.
Current Bitcoin Price Analysis
As of the latest update, Bitcoin’s price was positioned at $84,149.89, reflecting a 24-hour increase of 0.69 percent according to CoinMarketCap. In Indian markets, BTC was valued at approximately Rs 72.56 lakh.
Ethereum Price Movement
Ethereum’s current price is $1,591.35, indicating a modest 24-hour gain of 0.24 percent. Its price in India stood at Rs 1.39 lakh.
Dogecoin’s Performance
Dogecoin (DOGE) experienced a 24-hour increase of 0.91 percent, currently trading at $0.1563. In the Indian market, Dogecoin is priced at Rs 14.16.
Litecoin’s Recent Trends
Litecoin (LTC) saw a decline of 1.65 percent over the past 24 hours, trading at $74.71. Its price in India is reported at Rs 6,695.84.
Ripple’s Price Update
Ripple (XRP) recorded a price of $2.08, with a slight 24-hour increase of 0.18 percent. In India, XRP is valued at Rs 183.79.
Solana’s Performance Update
Solana (SOL) registered a current price of $131.23, marking a significant 24-hour increase of 3.94 percent. The price of Solana in India is Rs 10,952.16.
Top Crypto Gainers of the Day
According to CoinMarketCap, the following cryptocurrencies were the top gainers in the last 24 hours:
– Helium (HNT): $3.55, with a gain of 7.75 percent
– Core (CORE): $0.5887, with a gain of 5.61 percent
– Raydium (RAY): $2.20, with a gain of 2.99 percent
– Solana (SOL): $129.86, with a gain of 2.77 percent
– Fartcoin (FARTCOIN): $0.8806, with a gain of 2.69 percent
Top Crypto Losers of the Day
In contrast, the following cryptocurrencies recorded the largest losses over the past 24 hours:
– Mantra (OM): $0.6867, with a loss of 10.30 percent
– Movement (MOVE): $0.2403, with a loss of 10.17 percent
– Celestia (TIA): $2.26, with a loss of 7.23 percent
– JasmyCoin (JASMY): $0.0134, with a loss of 5.95 percent
– Theta Network (THETA): $0.6313, with a loss of 5.79 percent
Expert Insights on Current Market Dynamics
Edul Patel, the CEO and co-founder of Mudrex, commented on the current market, stating that Bitcoin is fluctuating within a narrow band of $83,100 to $85,400 as traders await a clear trend. He noted that macroeconomic factors have kept the volatility low, although BTC Spot ETFs have contributed positively with over $76 million in net inflows. Fed Chair Powell’s optimistic remarks regarding stablecoins have raised expectations for more favorable crypto regulations, albeit his firm stance on tariffs has tempered immediate rate cut predictions, leading to some profit-taking. Patel indicated that a decisive movement above $86,300 could potentially ignite a new rally, while strong support lies at $82,000.
CoinSwitch Markets Desk observed that global financial markets have been experiencing significant downturns, driven by rising trade tensions and a cautious investor outlook. The S&P 500 fell by 2.2%, closing at 5,275.70, while the Dow Jones Industrial Average decreased by 1.7% to 39,669.39, and the Nasdaq Composite dropped 3.1% to 16,307.16. Bitcoin has been trading around $84,000, recovering from earlier lows below $77,000, but the low trading volumes suggest that investors remain cautious amid ongoing trade disputes, particularly following President Trump’s imposition of a 245% tariff on Chinese imports.
Avinash Shekhar, Co-founder & CEO of Pi42, mentioned that despite Bitcoin’s relative stability, market sentiment is cautious due to the U.S.’s announcements regarding potential tariffs on China, which are heightening macroeconomic concerns. Data from CryptoQuant shows a slowdown in whale accumulation and increased pressure on miners, indicating possible short-term volatility for Bitcoin. Meanwhile, Ethereum faces challenges related to its roadmap for data availability, which could impact investor sentiment. The performance of altcoins like XRP and Dogecoin seems to diverge, with XRP struggling while Dogecoin benefits from meme-driven enthusiasm.
Sathvik Vishwanath, CEO and co-founder of Unocoin, shared that Bitcoin is trading around $83,170, reflecting bearish sentiment with a 14-day RSI of 42.66, suggesting neutral momentum. Technical analysis points to a possible “death cross,” where the 50-day moving average may fall below the 200-day average, indicating the potential for further declines. Key support levels are marked at $76,000 and $73,800, while resistance is near $89,000. Despite large investors accumulating Bitcoin, selling pressure continues due to macroeconomic uncertainties and ETF outflows. Historical trends suggest April is typically a strong month for Bitcoin, but the current market conditions warrant a cautious approach.
The CoinDCX Research Team noted that the crypto markets experienced another decline as Bitcoin slipped below $84,000. While bullish investors remain alert despite the bearish trends, prices are stabilizing above recent gains. Altcoins are also consolidating within a narrow range as trading volumes decrease, pointing to a reduction in bullish activity. Notable gainers included Core with a 7.5% rise, Helium with a 6.2% increase, and Hyperliquid, which surged over 3%. On the other hand, Movement dropped over 10%, while both Celestia (TIA) and Mantra (OM) experienced declines exceeding 7.5%.
Disclaimer: Cryptocurrency products and NFTs are not regulated and can carry substantial risks. Investors may have limited recourse in cases of loss from such transactions. Cryptocurrencies are not classified as legal tender and are subject to market fluctuations. Readers are encouraged to seek expert advice and carefully review any offering documents along with relevant information before making investment decisions. Predictions regarding the cryptocurrency market are speculative, and any investment undertaken will be solely at the reader’s own risk.
