Market Wrap: Altcoins Outperform as Sentiment Improves; Bitcoin Within 'Value Zone'

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MARKET WRAP: Bitcoin $BTC and other cryptos rose on Tuesday, suggesting a greater appetite for risk among traders. Here's a look at some data.

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Bitcoin, ether and gold prices are taken at approximately 4pm New York time. Bitcoin is the CoinDesk Bitcoin Price Index ; Ether is the CoinDesk Ether Price Index ; Gold is the COMEX spot price. Information about CoinDesk Indices can be found atA large amount of bitcoin supply has been accumulated between the $38,000 and $45,000 price range, according to blockchain data compiled by Glassnode.

"Despite an additional two months of sideways consolidation, a large proportion of the market appears unwilling to spend and sell their coins, even if their coins are held at a loss," Glassnode wrote in a blog post. That suggests price-insensitive traders hold much of bitcoin's supply above the $40,000 price level.

So far, long-term price momentum has deteriorated, so it remains to be seen if traders will continue to find attractive buying points between $35,000 and $42,000. From a technical perspective, a breakout or breakdown of the current price range is needed to confirm a shift in trend.of bitcoin's year-long price range. Currently, the midpoint indicates short-term support at $38,590.

The recent decline in buy volume relative to sell volume, however, could indicate a lack of conviction among bitcoin buyers. If a breakdown of the current range occurs, secondaryTerra’s LUNA surges 11% as UST becomes third-largest stablecoin:outperformed the wider crypto market, rising by as much as 11% over the past 24 hours. The move comes after a nearly 37% drop in the first two weeks of April following lifetime highs of $120 earlier this month.

 

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