- Consolidation remains the name of the game in the crypto market on the first Monday of April as prices largely traded sideways while Dogecoin got an unexpected boost when the Twitter blue bird logo was swapped for DOGE, a move some called an April Fool’s Day prank that nevertheless helped push the altcoin 27% higher.
Data provided by TradingView shows that an early morning effort by Bitcoin bulls to push its price higher ran into stiff resistance at $28,500, which led to a pullback to support at $27,900 which has provided a solid level of support since March 20.The weakening momentum of the crypto market was seen in the futures market, with April Bitcoin futures prices “a bit weaker in U.S. trading on Monday after hitting a contract high last week,” according to Kitco senior technical analyst Jim Wyckoff.
Analysts from Eight Global also highlighted the ongoing sideways price action for the crypto market in their Monday market update, saying, “Not much has changed on the Bitcoin chart since last week.” Looking at the 1-day chart, the previous day’s candle managed to close above the 8EMA but started to dip under that level shortly after, taking out the green ascending trendline support.“Channel-wise price has merely tapped the EQ,” the analysts wrote. “With the 34EMA coming in hot from below, [we] would not be surprised to see the price visit the channel bottom when it is in sync with the 34EMA, testing both for support in one move.