The cryptocurrency market has experienced a rebound, with Bitcoin approaching $60,000 and Ethereum maintaining its position above $3,000. The total market capitalization of the cryptocurrency market has risen by 3.60% to reach $2.35 trillion.  The Fear and Greed Index has increased by 5 points, indicating a potential buying opportunity after widespread panic selling. In terms of specific cryptocurrencies, Bitcoin has seen a 4% increase in price, while altcoins like Ethereum, Dogecoin, Ripple, Solana, and Litecoin have also seen gains.  Arweave has emerged as the top gainer, surging over 21%, while Cosmos has experienced a 1% dip, making it the biggest loser. The total volume of the crypto market has decreased by 32.45% to $71.74 billion in the last 24 hours.  In other news, the US Non-Farm Payroll report is expected to influence the Federal Reserve’s future monetary policy decisions, and there is ongoing speculation about the approval of Bitcoin ETF options by the SEC.  MicroStrategy’s Michael Saylor has expressed doubts about SEC approval for a spot Ethereum ETF and has labeled Ethereum a security. Tether has partnered with Chainalysis to enhance surveillance on USDT transactions, aiming to prevent illegal activities and sanctions violations.  There are also legal developments involving Ryan Salame, the former co-CEO of FTX Digital Markets, who has agreed to transfer his property as part of a plea deal. Source: COINGABBAR

Investors withdrew a record $563 million from the U.S.-based spot Bitcoin exchange-traded funds (ETFs) on Wednesday, despite Federal Reserve Chairman Jerome Powell ruling out a rate hike.  This marked the largest outflow since the ETFs started trading in January. Fidelity’s FBTC experienced the most significant outflow, followed by GBTC, ARKB, and IBIT.  The outflows are concerning for Bitcoin bulls as FBTC and IBIT had been attracting funds in the first quarter. Other funds also experienced outflows, despite Powell’s dovish approach supporting risk assets like Bitcoin.  While Bitcoin briefly rallied following Powell’s comments, it dropped back to $57,300. The launch of Asia’s first spot Bitcoin and Ether ETFs in Hong Kong with low volumes further dampened sentiment in the crypto market. Source: CoinDesk

According to crypto analysts, Bitcoin’s dominance in the cryptocurrency market may have peaked as traders shift their focus to altcoins.  The decrease in Bitcoin’s dominance suggests a potential upswing in the altcoin market, as investors allocate their capital from Bitcoin to more volatile altcoins.  However, there is still uncertainty surrounding this speculation, as rising fear levels in the market could drive traders back to Bitcoin as a safer store of value.  Bitcoin’s dominance currently stands at 53.90%, down 1.75% over the past week but still up 4.63% since the beginning of the year. Source: COINTELEGRAPH

The price of Polkadot (DOT) in the market is showing bearish signs and is approaching a key level of $6.00 against the US Dollar. If it fails to stay above this level, the price could extend its decline.  Currently, DOT is trading below the $7.20 zone and the 100 simple moving average on the 4-hour chart. There is a key bearish trend line forming with resistance at $6.50.  If the price breaks below $6.00, it could continue to decline towards the $5.00 support zone. On the other hand, a successful break above $7.00 could lead to another strong rally towards $8.20 and the next major resistance at $10.00.  The MACD indicator is showing bearish momentum, and the RSI is below the 50 level, indicating a negative sentiment. The major support levels are $6.00, $5.65, and $5.00, while the major resistance levels are $6.50, $7.00, and $8.50. Source: NEWSBTC

Bitcoin analysts and price models are divided over the peak of Bitcoin’s current cycle. Veteran trader Peter Brandt suggests that Bitcoin may have already reached its peak at $70,000 based on an “exponential decay” pattern observed in previous market cycles. However, Brandt himself is not fully convinced of this theory and assigns a 25% probability to it. On the other hand, Giovanni Santostasi, CEO and director of research at Quantonomy, presents a different theory based on long-term power law behavior. According to Santostasi’s analysis, the peak of the current cycle could reach around $210,000 by December 2025. Other analysts and experts have also made their predictions, with estimates ranging from $120,000 to $180,000 for the cycle top. Fidelity Digital Assets has revised its medium-term outlook for Bitcoin, stating that it is no longer considered cheap. Currently, Bitcoin is trading at $62,528, down 15% from its all-time high in mid-March. Source: Cointelegraph

According to a recent report, top cryptos like XRP and ADA are currently trading at significant discounts during the ongoing bull cycle. XRP ( one of the 10 top altcoins) has experienced a 15% decline year-to-date (YTD), currently valued at $0.51, while ADA is down 21.52% at $0.46. In contrast, Bitcoin and Ethereum have maintained YTD gains of 48.9% and 36%, respectively.  Market analytics firm Santiment believes these altcoins are presenting a favorable buying opportunity ahead of the anticipated bull rally. The crypto bull market began in late 2023, with Bitcoin surpassing its previous all-time high, but certain digital assets have yet to fully benefit from the market’s positive momentum.  Other cryptocurrencies, such as ICP, AVAX, APT, XLM, and FIL, are also trading in the red but are seen as potential investment opportunities leading up to the expected bull market. Source: Coin Edition

According to a report by Chainalysis, key metrics suggest that the crypto winter may be over, signaling a positive shift in the cryptocurrency market. One significant indicator is the increased transfer activity, which has surpassed previous highs and indicates a more active market compared to the previous bull run.  The report acknowledges that the market faced challenges in 2022, including the collapse of major crypto entities, which affected the overall market value. However, Chainalysis believes that these shakeouts were necessary for the market to refocus on risk, transparency, and foundational structures, leading to innovations aligned with security and decentralization. The revival of the market has been supported by stablecoins and decentralized finance (DeFi). Stablecoins have provided users with access to the USD and facilitated financial inclusion, while DeFi protocols have explored new use cases, such as real-world assets and decentralized payment infrastructure. This has contributed to the adoption of cryptocurrencies like Ether, XRP, Solana, Cardano, and Shiba Inu. Institutional engagement has also strengthened the market. The approval of spot Bitcoin exchange-traded funds (ETFs) and the increasing number of firms holding cryptocurrencies on their balance sheets have driven institutional involvement. The report notes that BTC ETF inflows are surpassing those of the first gold ETF from its launch in 2005, indicating significant interest from investors. This trend highlights the integration of blockchain technology into the broader financial landscape. Source: ZyCrypto

On April 25, the cryptocurrency market experienced a decline, with Bitcoin (BTC) falling to around $64,000 and Ethereum trading under $3,150. The total market capitalization of the crypto market reached $2.49 trillion, reflecting a 3.60% decrease. The decline in the market was influenced by legal action taken against the CEO and CTO of Samourai Wallet by the U.S. Department of Justice, which added to the volatility.  Meanwhile, the “Fear and Greed Index” registered 72/100, indicating optimism and suggesting sustained upward momentum. In terms of specific cryptocurrencies, Starknet (STRK), Worldcoin (WLD), Dogwifhat (WIF), Bonk (BONK), and Jupiter (JUP) recorded significant declines of over 10%, while the EOS token saw a notable increase of over 6.60% in the past 24 hours. Hedera experienced the largest decline, plummeting by over 35.56%.  The total crypto market volume reached $84.96 billion, with DeFi volume accounting for $6.52 billion and stablecoin volume representing $78.43 billion. Bitcoin dominance stood at 53.48%.  In other news, Bitcoin and top altcoins faced selling pressure in Asia due to weak U.S. economic demand and geopolitical tensions in the Middle East. Upbit emerged as a leading exchange in South Korea, rivaling global giants like Coinbase.  BlackRock denied any commercial ties with Hedera or tokenizing funds, clarifying its non-involvement. The European Parliament passed a rule to combat AML violations and terrorist financing, establishing the AMLA in Frankfurt. TikTok’s CEO pledged to challenge the U.S. ban, emphasizing its economic impact and importance for U.S. businesses.  Source: COINGABBAR

The price of Bitcoin in the market surpassed the $66,000 resistance level and is currently consolidating its gains. It is now aiming to break above the $67,200 resistance zone. Bitcoin is trading above $65,500 and the 100 hourly Simple Moving Average, indicating a bullish trend. There is a bullish trend line forming with support at $65,900 on the hourly chart.  If Bitcoin successfully clears the $67,200 resistance zone, it could gain further momentum and target the next resistance levels at $68,500, $70,000, and $70,500.  However, if it fails to break the resistance, a downside correction may occur, with immediate support levels at $66,200 and $66,000. The MACD indicator suggests a slowing bullish pace, while the RSI is above the 50 level, indicating positive momentum. Source: NEWSBTC