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BTC price drop dampens alt season action

2021.04.05 Hunain Naseer

Bitcoin has dragged down the entire market with it, including ETH.

After a volatile weekend that saw Bitcoin's price drop around 3% on Saturday and then recover 2% on Sunday, the leading digital currency is again in the red today. Currently trading around 57,300 USDT, as per the OKEx spot price, BTC is struggling to pick a direction and has dragged the entire market down with it.

ETH, which had crossed the 2,000 USDT mark on Friday, managed to touch around 2,145 USDT before downward pressure brought it back to near 2,000 USDT, where it currently trades. The majority of the other top 30 coins by market cap have also been indecisive in the last 24 hours, posting either minor gains or losses, with the exception of XRP, XLM, TRX and BTT — up 17%, 6.4%, 19.5% and 68%, respectively.

Meanwhile, the notable large-cap losers were DOT, FIL, LUNA and SOL, down 3.6%, 5.7%, 2.3% and 2.6%, respectively. The total crypto market cap, which stood around $1.96 trillion on Friday, has now dropped to $1.94 trillion.

The market remains largely red as BTC fails to reclaim $60K. Source: Coin360

DeFi and DEXs remain popular as TVL continues to grow

The total value locked in DeFi protocols was around $45.5 billion on Friday and has since grown to $50 billion as money continued to enter over the weekend. 

Similarly, decentralized exchanges continued to see more traction, with TVLs growing across the board for the top three DEXs compared to Friday.

Decentralized exchanges remain popular. Source: DeFi Pulse

Top gainers and losers on OKEx

With the sentiment toward altcoins generally positive, daily rotations of mid- to small-cap coins are the norm. The last 24 hours saw MITH, STX and SC post gains of around 55%, 46% and 23% on OKEx while TMTG, APM and MCO lost the most.

  • MITH 54.66%
  • STX 46.36%
  • SC 24.00%
  • TMTG -12.68%
  • APM -11.53%
  • MCO -10.79%

BTC technical analysis

With Bitcoin failing to cross 60,000 USDT, the downward pressure resulted in a drop to the mid-56,000 USDT levels, which have provided support for now. However, with volumes dwindling, we could see a further decline toward the 54,500 USDT levels, which are likely to provide support in the mid-term and could produce a bounce. On the upside, 58,000 USDT is now a strong resistance level.

OKEx's BTC/USDT 30m chart — 4/5. Source: OKEx, TradingView

ETH technical analysis

ETH had moved considerably since Friday, crossing 2,000 USDT to touch highs at 2,145 USDT. However, the BTC decline brought the second-largest digital currency back to test 2,000 USDT levels.

While there is room for another revisit of the 1,980 USDT range, ETH has been a strong performer and is likely to move up fast once Bitcoin recovers from the current slump.

OKEx's ETH/USDT 30m chart — 4/5. Source: OKEx, TradingView

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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.