Top Coins Analysis: Bitcoin Stumbles Below $70K As Ethereum Holds Above $3,500 As Other

The crypto market experienced a mixed trading session today, April 10th, 2024. Bitcoin has faced selling pressure after testing a crucial resistance level, while Ethereum has managed to hold its ground above the $3,500 mark. Bitcoin, the world’s largest crypto by market cap, slipped by has slipped 2.60% over the past 24 hours, trading at $69,379.92 at the time of writing. The flagship digital asset had been on an upward trajectory, aiming to break through the $72K resistance zone, but faced rejection past this critical level yesterday.

Crypto Heatmap: COIN360

Analysts suggest that the $72,000 mark has acted as a significant hurdle for Bitcoin, with the cryptocurrency failing to sustain its momentum beyond this point. Despite the recent pullback, Bitcoin’s market capitalization remains formidable at $1.26 Trillion, cementing its position as the dominant force in the crypto space. Bitcoin’s recent price action highlights the ongoing tug-of-war between bulls and bears. While the $72,000 resistance level has proven challenging, a decisive break above this level could pave the way for further upside momentum.

#Bitcoin broke out of the bullish pennant, and fell back into it shortly after.
Either we break back out today — or we’ll be chopping around for a while longer.
Either way, patience is the name of the game. pic.twitter.com/wh9oB0wqRN

— Jelle (@CryptoJelleNL) April 10, 2024

In contrast to Bitcoin’s struggles, Ethereum, the second-largest cryptocurrency, has managed to hold its ground above the $3,500 mark, despite a 3.43% decline over the past 24 hours as of writing. Ethereum’s market capitalization currently stands at $426.3 Billion, solidifying its position as a star player in the crypto arena.

Ethereum’s recent price action has been closely watched by market participants, as the network shifted to a proof-of-stake consensus mechanism, known as “the Merge. This upgrade has enhanced Ethereum’s scalability, security and energy efficiency, potentially driving increased adoption and investment in the cryptocurrency.

On the technical side, ETH has managed to find support for the recently broken-out descending triangle. After tough recent weeks, ETH has been on a bear trend, but it managed to break the tough resistance. However, yesterday ETH closed the daily candle bearish as a result of a retest to the broken-out resistance. However today ETH is showing signs of bull momentum as ETH has today opened at 3504.24 and has recorded a low of 3465 so far

ETHUSD Daily Chart: TradingView

Beyond the top two cryptocurrencies, the altcoin market exhibited mixed performance. Binance Coin (BNB), the native token of the Binance cryptocurrency exchange, saw a slight dip of 0.10%, trading at $581.31. Solana (SOL) has followed a similar trajectory, declining by 2.10% to $172.76.

Ripple’s XRP has experienced a 0.59% decrease, trading at $0.6141, while the popular meme cryptocurrency Dogecoin (DOGE) has witnessed a more substantial 3.83% drop, changing hands at $0.1906.

On the other hand, Toncoin (TON), the native cryptocurrency of the Telegram-backed TON blockchain, has seen a 1.33% decline, trading at $6.76. Cardano (ADA), another prominent blockchain platform, has fell by 3.32%, with its market capitalization stands at $20.9 billion

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