Red Monday: Bitcoin $38,200 and altcoins down 13% of value

Monday morning began with the entire cryptocurrency market dropping to new resistance levels. Bitcoin continued to correct, dropping to a minimummarks of $38,200 on Binance, while losing 3.3% of the cost per day. The corrective movement began after April 21, when BTC updated its weekly high of $43,000. After that, the first cryptocurrency gradually lost in price, and in 4 days it eventually became cheaper by almost $5,000.

Of the altcoins, Zilliqa (ZIL) lost the most — minus 13.3%, Synthetix Network Token (SNX) — minus 11.4%, and Waves (WAVES) — minus 11.3%.

Of the TOP-10 cryptocurrencies, Ethereum lost 4.6% of its value and is trading at $2,816, BNB - minus 4.9% and $385.59 per unit, Solana - minus 6.6% and 95.05% per unit.

The total market capitalization of the cryptocurrency was $1,870,610,306,410 and minus 4.1% per day.

Many crypto investors continue to maintain positive sentiment towards the market, characterizing this decline as a necessary reset before another Bitcoin assault on $50,000. So far, there are no obvious prerequisites for a positive reversal, BTC has failed several key points that would help it return to growth. Now it is more likely to be in a sideways trend, with the same wide trading range that we observed during the graying of the week: $37,800-$43,200. This is supported by the analysis of the movement of value over past halving cycles. According to him, we will continue to move sideways, with a possible course correction in the middle of summer.