Bitcoin Market Analysis — May 4

Bitcoin Market Analysis — May 4

The cryptocurrency market continues to maintain its standing as one of the most volatile financial markets ever. Over the past 12 hours, the entire cryptocurrency market has witnessed a rollercoaster-like price action as the crypto market bleeds. At press time, the crypto market, led by Bitcoin (BTC), has lost over $100 billion in valuation.

According to a report from Bybit, the market has seen $2 billion worth of position liquidation over the past 24 hours. The biggest single liquidation was seen on Huobi, where a whopping $74.5 million worth of Ethereum position got liquidated.

Meanwhile, reports show that about 196,000 traders got liquidated over the past hour. Leading the way was Bitcoin, followed by Ethereum and Dogecoin. Most of the liquidation occurred on Bybit, Huobi, and Binance.

At press time, the primary cryptocurrency has plunged to the $53.4k level, down by about $4,600 over the past 24 hours and more than $5,500 from yesterday’s high.

Most of the crypto market is also in the red, with Ethereum, Binance Coin, Ripple, Cardano, Polkadot, and Uniswap down by -4%, -9%, -11%, -6%, -6%, and -2%, respectively. The crypto market valuation is down by -4.24%.

Key BTC Levels to Watch — May 4
Bitcoin appears to have fallen into a bearish spiral following a strong rejection from the $59k level yesterday. The benchmark cryptocurrency is currently trading along a descending channel towards the $52,500 support.

BTCUSD – Hourly Chart

That said, we should see a mild consolidation over the coming hours, followed by a rebound to the $55k level. Failure to break above this resistance could trigger another sharp dip to the $53,000 – $52,500 support area.

Meanwhile, our resistance levels are at $55,000, $56,700, and $57,500, and our key support levels are at $53,400, $52,500, and $51,400.

Total Market Capitalization: $2.21 trillion

Bitcoin Market Capitalization: $1.01 trillion

Bitcoin Dominance: 45.8%

Market Rank: #1

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.