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(Kitco News) - It was a mixed day for the cryptocurrency market as Bitcoin (BTC) saw its price spike higher while the majority of altcoins recorded slight losses as crypto traders remain on the sidelines awaiting a more opportune trading environment.
Stocks fell under pressure from the opening bell on Tuesday as the latest data on consumer confidence in the U.S. showed a decline from the March reading of 104 to a reading of 101.3 in April. At the close of markets, the S&P, Dow and Nasdaq were deep in the red, down 1.58%, 1.01%, and 1.98%, respectively.
Data provided by TradingView shows that Bitcoin continues to consolidate around the $27,600 support level, with the top crypto ranging from a low of $27,275 to a high of $28,052 in trading on Tuesday.
BTC/USD 4-hour chart. Source: TradingView
The stabilizing price of Bitcoin was reflected in the price of April Bitcoin futures, which traded “near steady in early U.S. trading” according to Kitco senior technical analyst Jim Wyckoff.
“Bulls are still in some technical jeopardy,” Wyckoff said, noting that the “price uptrend on the daily bar chart has stalled out. Bulls have lost their slight overall near-term technical advantage and the near-term chart posture is now neutral.”
The lack of a notable price movement was touched on by Crypto Tony, who posted the following tweet highlighting the patience required to wait for a short order to hit his target of $26,650.
$BTC / $USD - Update
— Crypto Tony (@CryptoTony__) April 25, 2023
Same update, different day. Certainly a trade for patience this .. While below the EQ i am looking for the tap of the range low as my target on my short ?? pic.twitter.com/mLwYJB9qJS
Market analyst Caleb Franzen noted that Bitcoin is currently being supported by its 55-day exponential moving average, but warned that further weakness could result in a retest of the region below $25,000.
#Bitcoin is trying to find support in the 55-day EMA, which is a great medium-term indicator.
— Caleb Franzen (@CalebFranzen) April 25, 2023
?? 21 EMA
?? 55 EMA
?? 200 EMA
Slightly concerning that the 21 EMA is downward sloping.
If price can't bid here, which is certainly possible, a retest of the green S/R zone is likely. pic.twitter.com/hSi6djklI6
And Eight Global founder Michaël van de Poppe provided a macro view of the long-term outlook for BTC, suggesting that the top crypto could soon make a run for $42,000 as long as it can hold above $25,300 in the near term.
#Bitcoin isn't looking bad on the higher timeframes.
— Michaël van de Poppe (@CryptoMichNL) April 25, 2023
Healthy correction, and as long as #Bitcoin sustains above $25,300 it's likely we'll continue this rally towards $42,000. pic.twitter.com/y2gonXAV6D
Altcoins slide lower
The broader altcoin market was in the red on Tuesday as a lack of engagement from traders put pressure on the majority of tokens in the top 200, with only Injective (INJ) and Mask Network (MASK) recording gains of more than five percent.
Daily cryptocurrency market performance. Source: Coin360
The popular meme coin Floki (FLOKI) suffered the biggest decline, with its price falling 15.5% to trade at $0.0000365, while SPACE ID (ID) fell 7.24% and PancakeSwap (CAKE) declined 6.73%.
The overall cryptocurrency market cap now stands at $1.16 trillion, and Bitcoin’s dominance rate is 46.1%.
