Today, Bitcoin is valued at $29.7 thousand, which is markedly lower than the high of $31 thousand recorded on April 14. The rates of the top coins look like this.

Note that on the scale of the week, the value of BTC remained virtually unchanged, while many altcoins produced good growth results over the same period. The leader of the latter was Solana SOL, which rose by almost 20 percent.

This is a curious trend that is broadly in line with the normal behaviour of digital assets during growth. In this scenario, Bitcoin leads the market, followed by a cooling-off phase. At that time, investor capital flows into other coins, causing them to appreciate markedly. And because market capitalizations of such projects are much smaller than those of BTC, their price movements are often sharper and more noticeable.

So, it is possible that altcoins will be the focus of crypto investors' attention in the near future. At least in the past, the growth phase of the coins has been following this scenario.

What will happen to the Bitcoin exchange rate?

A pullback in Bitcoin’s value below the $30,000 line was an expected event for most analysts. Such a fall fits into a healthy correction of the uptrend that formed last week. A trader under the nickname Loma, who has more than 280,000 followers, shared the scenario of the alleged BTC chart movement on his Twitter account.

We should note that such forecasts should not come true, but cryptocurrency market will behave the way it wants it to. Accordingly, the above versions should be treated only as possible variants of events, which could easily turn out to be false. At the same time, crypto investors should rely solely on their own market analysis and make their own decisions. This way, they can be responsible for the latter and not rely on other industry players.

Popular cryptocurrency enthusiast and Eight leader Michael van de Poppe described the current dynamics of the BTC price with the following quote

Bitcoin is returning to a zone where a long position can be opened. This is the lower limit of the channel, after which the asset may rise to $32,000. The probability of a pullback to $28,600 is not excluded, but from this level we are unlikely to see new local highs in the near future.

The chart from the trader under the nickname rektcapital shows that Bitcoin is now also testing an important support line on a 1-day chart scale.

In any case, Bitcoin needs to “show the market” a quick move above $30,000 to reassure most investors to buy the cryptocurrency. If the coin still fails to consolidate behind the aforementioned line, the correction could become deeper.

What’s going on in the macro economy?

After last week’s events, the most important factor for the US economy in the coming days remains the release of unemployment and manufacturing statistics. This includes heavyweights like Tesla and Netflix as well as a number of banks which market participants are keeping a close eye on given the latest developments.

A financial analyst nicknamed Tedtalksmacro believes the markets are quite positive for crypto. Here is his quote in which the analyst shares his view of what is happening.

Price is breaking the structure of the bear market, macro data has a favorable trend, momentum oscillators are reset, in addition liquidity is now above levels that preceded the prolonged rise. Nevertheless, most continue to look for shorts to new lows.

At the same time, the situation for the US stock market doesn’t look so rosy: NorthmanTrader CEO Sven Henrich emphasised this in his latest tweet. He doesn’t believe the claims that a bull run in equities has already allegedly occurred. He said the S&P 500 index needs to consolidate above its moving average line on a 1-month chart scale to confirm this information.

According to Cointelegraph’s sources, Bitcoin can still react to serious plunges in the major stock indices. Their steady growth is also important for the crypto market.

Meanwhile, according to resource BTC.com, Bitcoin’s mining difficulty is poised to set a new historical record, as the platform predicts a 1.51 per cent increase in the figure the day after tomorrow. If the prediction comes true, it will be the fifth consecutive increase in the index, which has not happened since February 2022.

Another record was also set in the Bitcoin network’s hashray. On April 15, that figure rose to 424 hashes per second.

By comparison, back at the beginning of this year, the complexity only reached 285 hashes per second.

What are cryptocurrency investors doing?

Overall, Bitcoin’s price is still a long way from its all-time high set in November 2021. However, the Fear and Greed Index, formed by the Alternative portal, has already set a high for a year and a half.

The index climbed to 69 out of 100 points yesterday on the back of a local bull run. And while the index dropped to 58 points today, which still characterises the greediness of Bitcoin investors, the rapid rise in BTC the day before has in any case instilled optimism in most traders and investors in the market.

This is a rather dangerous situation, because usually the euphoria reaches its peak at the same moment when the price of the asset sets a record. However, as the events of 2021 show, there is still room for growth in this indicator. Consequently, crypto enthusiasts should clearly remember that the coin industry is still just emerging from a bearish trend rather than ending a bullish cycle.


The digital asset market now appears to be going through a cooling-off phase. Despite this, the fundamental benefits of cryptocurrencies have remained the same, and they continue to give users the same benefits as before. These are limited maximum supply and deflation, adequate commissions when moving value, and independence from central authorities. So it's not too late to get involved with coins and tokens even now.


Share the details of your own connection to digital assets in our cryptochat ex-wealthy. We’ll be there waiting for the onset of the new bullrun.