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Cointree Crypto Market Update — April 21st 2021

Is the bitcoin bull run over?

Bitcoin (BTC) began last week breaking the ascending triangle to the downside, with bears driving bitcoin’s price below support, and below the 200 EMA, to a low of $70,439 AUD yesterday.

Price action was oscillating in a downward trend, with the biggest drop taking place over the weekend, plunging the market cap leader more than 10% and seeing it tumble the most since February.

A sharp correction like this has been seen consistently this year, taking place after every new all-time high (ATH), and then spending three to four weeks in consolidation before going on to reach new ATHs.

Looking forward, it appears support has been found at $70k AUD, with a new descending triangle formation. Bulls will need to break through resistance at $74k if we are to see bitcoin potentially return to its bull run. Should bears push the price below $70k however, we could be looking at a longer downward trend.

Could this just be the sharp correction pattern we’ve seen in the past months, or is it a sign of a larger downward trend? The next 24 hours could reveal all.

For the altcoins: Doge (DOGE) saw another impressive run, up 123% on Monday from Thursday this week, retreating 19% at the time of writing. Siacoin (SC), the decentralised storage platform, rose 36% over 7-days, while Verge (XVG) and DigiByte (DGB) both saw gains of more than 24%.

News highlights

Despite Deep Plunge, Bitcoin Exchange Reserves Keep Dwindling

This weekend saw a large volume of BTC liquidated, driving the price down more than 10%. While speculation says that some of this sell-off could have been a result of over-leveraged positions or simply fear, uncertainty and doubt (FUD), the sell-off has been defined as a bullish event as weak hands leave the market.
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Ethereum To Shatter $4,000 by End of July, Says Coin Bureau

A video released by Coin Bureau recently suggested Ethereum could reach upwards of $4,000 US by the time July comes to a close. The crypto trader and analyst points to an increased number of Ethereum addresses and demand for decentralized finance (DeFi), stablecoins, and NFTs as driving factors behind what could be a 75%+ growth prediction.
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While Supporters Rally to Mark “Dogeday 4/20” — Here’s the Weird History of Dogecoin

Doge has done it again… the crypto has captured a swell of hype, driving its price up more than 100% over the weekend and into ‘Doge Day’. Created in 2013 by IBM software engineer Billy Markus and Adobe software engineer Jackson Palme, the meme-coin first caught attention earlier this year but where did it come from?
Read more

This week’s top trader portfolio includes the standout, Doge, and is made up of DOGE (78.18%), SC (15.24%), VET (4.182%), and NANO (2.396%).

View all portfolios

Did you know?

During the last 6 months, only 36% of bitcoin’s supply has moved.

Cointree makes buying, selling and trading bitcoin and digital currency easy for everyone. Easy, fast and safe with low fees — cointree.com

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