Major coins traded in the green on Thursday as investors evaluated the impacts of the recent banking sector issues and sluggish U.S. economic growth data.CryptocurrencyGains (+/-)Price (Recorded 9:30 p.m. EST)Bitcoin BTC/USD +2.80%$29,547Ethereum ETH/USD +1.13%$1,913Dogecoin DOGE/USD +0.60%$0.080
What Happened: BTC experienced a slight dip following the release of the Commerce Departments report of a tepid 1.1% gain in GDP for the first quarter. The result fell below expectations of an annualized 2% gain, along with disappointing personal consumption data. However, BTC eventually rebounded after the dip.CryptocurrencyGains (+/-)Price (Recorded 9:30 p.m. EST)Cronos+10.09%$0.077Immutable +9.22%$1.07Internet Computer+6.25%$5.72
The US stocks ended on a high note on Thursday, propelled by a splendid performance from Meta Platforms which, in turn, lifted the tech-related names. With the Nasdaq Composite soaring high by 2.43%, the S&P 500 climbed up significantly by 1.96%.
At the time of writing, the global crypto market capitalization stood at $1.21 trillion, an increase of 1.69% over the last day.
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Analyst Notes: According to crypto analyst Michael Van De Poppe, the recent correction on Bitcoin has had a ripple effect on altcoins.
The analyst said that the drop in levels is quite evident with Bitcoin trading at $29,000. Moving forward, potential longs need to hold the $28,200 mark, while breaking and flipping $29,200 will continue the upward trend toward the highs.
Ultra nasty correction on #Bitcoin, causing a chain reaction on #altcoins too.
Levels are quite clear, as #Bitcoin is still at $29,000.
Needs to hold $28,200 for potential longs.
Breaking and flipping $29,200 is continuation towards the highs. pic.twitter.com/wn2lzi0xcC Michal van de Poppe (@CryptoMichNL) April 27, 2023
Crypto trader Justin Bennett has issued a warning to his 112,200 Twitter followers about BTCs recent price movements. Bennett suggests that the recent pump may be short-lived and warns that Bitcoin may experience a significant drop in the near future based on the price action of the S&P 500 (SPX). Bennett notes that BTCs latest peak appears to be nothing more than a fakeout, and suggests that investors should be wary of what may come next.
What a fakeout.
Do I even have to say what comes next? $BTC pic.twitter.com/wZZpm5UXtf Justin Bennett (@JustinBennettFX) April 26, 2023
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