The price of bitcoin continues its negative consolidation after it reached the $ 48,300 level on March 29.
Ethereum reached its March high of $ 3,600 on April 3.
The crypto market lost over $ 100 billion because bitcoin fell to $ 44,000.
In recent years, rising cryptocurrency prices have led to increased crypto and blockchain technology adoption in several key markets, with South Korea being one of them.
Bitcoin chart analysis
The price of bitcoin continues its negative consolidation after it reached the $ 48,300 level on March 29. In two cases, the price fell below $ 45,000, testing support at $ 44,000. Based on that, we can form a drop-down channel on the chart and monitor this consolidation. The MA20 and MA50 are now on the bearish side, amplifying the negative price pressure. And now, we expect a further withdrawal to the $ 42,000 zone. Additional potential support on that level is in the MA200 moving average, and here we can expect to see rejection and a new bullish momentum. Psychological support is at the $ 40,000 level. For the bullish option, we need a price jump above the $ 48,000 level. after that, our targets are the $ 50,000 level, then the $ 52,000 level, high since December 28.
Ethereum chart analysis
Ethereum reached its March high of $ 3,600 on April 3. After that, we are in retreat and are now looking for potential support. We made a break below $ 3400 and below the MA20 and MA50 moving averages, which are now on the bearish side. We will probably test the support at the $ 3,200 level soon, and if it doesn’t last, then we’ll move on to the next support at the $ 3,000 level. Additional potential support for us is the MA200 moving average. A break below this psychological level would increase bearish pressure, leading us to the March support zone of around $ 2,500. We need a new bullish boost for the bullish option that will take us above the $ 3,600 level. Then the next target is our resistance at $ 3,800 and the psychological level at $ 4,000.
Crypto market crash for $ 100 billion
The crypto market lost over $ 100 billion because bitcoin fell to $ 44,000. The beginning of April was not positive for Bitcoin as it fell from $ 48,330 to a multi-day low of $ 44,250. The Bulls stepped up at that point and pushed BTC back to the bullish side. As a result, the property grew above $ 47,000 hours later but did not stay there long. That initiated raising more than that level twice in the past few days, but the consequences were the same. The latest rejection was yesterday after BTC jumped above $ 46,000 before the bears swung again and bitcoin fell below $ 44,500. Since then, the cryptocurrency has managed to recoup some of the losses and is now above $ 45,000. However, its market capitalization is under attack and now amounts to 860 billion dollars.
South Korea is a leader in the crypto industry
In recent years, rising cryptocurrency prices have led to increased crypto and blockchain technology adoption in several key markets, with South Korea being one of them. Although South Korea operates in isolation due to its strict capital control laws, its crypto market has continued to grow to new heights, reaching an estimated $ 46 billion at the end of 2021. South Korea is home to approximately 5.58 million crypto users, which makes up more than 10% of the country’s population.
It is impressive how the South Korean crypto market has continued to grow and thrive in the development of cryptocurrencies even though the government has imposed a crypto license regulation. That forced more than 60 Korean stock exchanges to close and caused a blockade of nearly $ 2.8 billion to traders.
In most countries, the younger demographic group explores and uses digital assets such as cryptocurrencies, while the older age groups avoid high-risk asset classes. This is not the case in South Korea, and many age groups are actively participating in the market. It is stated that almost half of the users on the Korean stock exchanges were in their 40s and 50s.
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