Bitcoin Clings To $40K On Easter Sunday As Crypto Seen To Head Lower In The Short Term

On Eastern Sunday, the majority of cryptocurrencies traded downward. Bitcoin, which leads the pack, couldn’t shake off the retreat. The total market capitalization of all cryptocurrencies as of Sunday was $1.87 trillion, down 0.69 percent from the previous day. Expectations remain that Bitcoin (BTC) will continue to decline in the short term, as price compression has become the dominant chart feature of the Easter weekend thus far, saving worried traders another plunge below $40,000. BTC was trading at $40,444.29 on Sunday, down 5.5% in the last seven days, according to Coingecko data. The overall volume of the cryptocurrency market in the last 24 hours was $49.62 billion, a decline of 19.67 percent. The overall volume in DeFi is currently $5.26 billion, accounting for 10.60 percent of the entire 24-hour volume in the cryptocurrency market. Suggested Reading | Price Of Bitcoin Retreats Under $42,000 As Enthusiasm From Miami Event Fizzles Contracting Range For Bitcoin According to TradingView data, BTC/USD has been trading in a narrowing range with a ceiling of $40,700 on Saturday and Sunday. As the holiday season began, the pair experienced little movement, as US equity markets were closed for the Lenten week, allowing crypto to avoid correlation-based volatility. The price consolidation follows a week of bearish pressure that pushed the world’s most valuable cryptocurrency towards critical support levels. Rec...