Bitcoin (BTC) being the major attraction for the peer coins of the crypto market to soar the race and lure the investors into increasing their wallet investments. It was just 24 hours back when the market leader and other coins of the crypto market plunged even below the set support level. This might have been a starting point for the big investors of crypto coins.
Nothing could be more petrifying than a sudden drought after a great rainfall. However, this sudden downfall is worth giving a thought with reference to the future prediction of price and market trend for the investors before investing.
A peek at the market:
With this scenario, it becomes crucial to look at the price movements of Bitcoin in the last 24 hours in order to likely understand the market. The statistics for April 12th at 5:39 UTC time are as follows:
|Bitcoin Return on Investment||3,623.19%|
|Market Cap||88,874,995,884 USD|
|24h volume||15,798,843,180 USD|
|Circulating supply||17,641,062 BTC|
Data Analysis and Interpretation:
Looking at the chart and data above by Coinmarketcap, yesterday was a multi-price movement day for Bitcoin as it is observed that the daybreak was with the high price leading to a fall in midday and thereafter had a stable movement march. With the close of the day, it is seen that price for Bitcoin was lesser than the support level of $5000 built over days by the crypto Bulls. Currently, it is 1.57% more than the lowest in the last 24 hours. This increase is not enough to satisfy the investors about the fore market situation. Also, it is important to note the point of fall in the last 24 hours, we see that it was afternoon’s price (USD) 5189.88 from where it declined and started being stable until evening.
However, it is also inevitable to note that neither the good nor bad days loiter. Same goes with the price of Bitcoin and its market. Since the market is highly volatile, it is predicted that if it falls it may go down to $4500 mark or since currently, it is above $5000 it is likely to move in a subtle manner for probably sometime now.
The market seems to be cool and calm but is this the “lull before the storm?“