- After bulls failed to ignite a late-week recovery, Bitcoin (BTC) fell below $42,000 on April 9.
- Analyst Crypto Ed cautioned that Bitcoin might not be limited to a retest of $40,000.
There has been a 15.20 percent drop in the overall volume of the crypto market in the previous 24 hours to $69.75 billion. DeFi’s 24-hour volume is 15.3 percent of the overall crypto market volume, or $10.49 billion. Stable currencies currently account for $56.65 billion, or 81.22 percent of the entire 24-hour volume of the crypto market. The value of the global crypto market has fallen by 2.86 percent in the previous 24 hours and currently stands at $1.96T.
After bulls failed to ignite a late-week recovery, Bitcoin (BTC) fell below $42,000 on April 9. For the first time since March 23, BTC/USD has fallen below $42,131 on Bitstamp, the lowest level since March 23. In addition, cross-crypto liquidations of $200 million on Saturday hurt bulls looking for a rescue move, according to data from on-chain monitoring site Coinglass.
Low Volumes Might Lead to Instability
Thus, the short-term picture for traders was negative. However, well-known analyst Crypto Ed cautioned that Bitcoin might not be limited to a retest of $40,000. On the other hand, Glassnode co-founders Yann Allemann and Jan Happel warned that decreased weekend market volumes might lead to instability. Aside from all this, popular crypto analyst Crypto Rover recently tweeted about the total crypto market cap retesting the breakout.
Total #Crypto Marketcap Retesting the breakout! 🔥 pic.twitter.com/JlHUJXEYm9
— Crypto Rover (@rovercrc) April 9, 2022
Even before its implementation, the much-anticipated “Merge” update to Ethereum 2.0 has generated some optimism for the Ethereum Token. According to predictions, this new upgrade will push the price of ETH up to $10,000. Over the previous 30 days, the world’s second-largest cryptocurrency has surged by more than 23%. Blockchain fanatic Lark Davis believes that Ethereum 2.0 will be the impetus for ETH’s rise to the $10k mark. In addition, mark Cuban recently said that he was “very bullish” on the upgrade.
