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(Kitco News) – Little has changed for the cryptocurrency market over the past 24 hours as prices largely continue to consolidate following the hot start to 2023 that has seen Bitcoin (BTC) gain more than 71% while the total cryptocurrency market cap has increased by 53.6%.
While cryptos managed to hold their ground, stocks slid lower as new jobs data indicates that the labor market is cooling while businesses pulled back in their factory orders. At the close of markets, the S&P, Dow and Nasdaq all finished in the red, down 0.58%, 0.59%, and 0.52%, respectively.
Data from TradingView shows that Bitcoin bulls managed to recover from a late plunge below $27,500 on Monday evening to elevate the top crypto to a high of $28,518 on Tuesday afternoon before profit-taking led to a pullback to support at $28,300.
BTC/USD 1-day chart. Source: TradingView
Despite the overnight dip, April Bitcoin futures prices traded higher on Tuesday, according to Kitco senior technical analyst Jim Wyckoff. Wyckoff noted that, “The market is pausing after hitting a contract high last week,” but added that, “This pause is not bearish.”
“BC bulls still have the firm overall near-term technical advantage,” Wyckoff said. “The price uptrend on the daily bar chart has also paused but remains in place.”
As for what level BTC needs to clear in order for it to move higher, market analyst Michaël van de Poppe highlighted $28,400 as the launching point for a run to $30,000.
Boredom today on the markets. #Bitcoin still consolidating in between levels, $27,900 retest did work out.
Crucial area to break is $28,400 which ultimately results into bullish continuation towards $30,000. pic.twitter.com/zX4BrCMnVY
— Michaël van de Poppe (@CryptoMichNL) April 4, 2023
Insight into what to look forward to once $32,000 has been breached was provided by technical analyst Mags, who highlighted the potential for a run to $43,500 and then $60,400.
$BTC was inside a massive range – $60k ~$32k, price broke down & we saw a nice bear market correction.
If price reclaims $32k on a weekly (closing basis), the first target is mid-range ($43.5k), then range high ($60.4k) – technically speaking 👀#crypto #btc pic.twitter.com/1n62fR5jsA
— Mags (@thescalpingpro) April 2, 2023
Altcoins establish a solid base of support
It was a positive day for the altcoin market as all but five tokens in the top 200 recorded gains for the day.
Daily cryptocurrency market performance. Source: Coin360
Icon (ICX), 0x (ZRX) and MetisDAO (METIS) led the field with gains of 26.51%, 19.63%, and 14.76%, respectively.
The overall cryptocurrency market cap now stands at $1.19 trillion, and Bitcoin’s dominance rate is 45.9%.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.