Bitcoin ETFs started the day positively while Grayscale’s reserve dropped by about 15,000 BTC, signaling continued pressure as Bitcoin breaches the $40,000 mark. Despite positive macro news, the leading cryptocurrency has not yet returned to a “safe zone”.
Rumors of impending MTGOX sales and GBTC sell-offs have shaken the markets, causing over an $11,000 drop. Bitcoin’s significant fall from its annual peak has led to double-digit losses in altcoins, but optimism remains strong for a recovery through the year.
Shiba Coin has seen a roughly 2% increase, trading at $0.0000089. Its daily chart shows key support at $0.00000884, with potential resistance at $0.00001052 and $0.00001142. A bearish scenario could lead to a drop to $0.00000641.
Ripple’s XRP Coin lost the $0.58 support, exiting a long-held parallel channel, which could lead to a decline to $0.5. However, there’s potential for a rebound back into the channel, with a negative scenario possibly setting new lows between $0.425 and $0.357 amid ongoing legal uncertainties.
AVAX’s outlook isn’t different from other altcoins, showing support loss but also investor optimism in the long term. Short-term price fluctuations between $31.6 and $36.83 are expected, with a potential rise if it closes above $24.78.
