Crypto week at glance: How the market moved

economictimes.indiatimes.com:

cryptocurrencies were experiencing losses due to a correction phase that had occurred the previous week. This dip could be attributed to a combination of factors, including unusually large sell orders on Binance and higher-than-expected inflation data from the U.K. As a result, investors and traders were moving away from riskier assets, causing the market to react as expected. During this period, Bitcoin’s value dropped below the $28,000 level. However, on Wednesday, the cryptocurrency saw an increase above this level, which may be because of concerns over banking stability following the announcement of a $100 billion deposit loss by First Republic Bank during its Q1 earnings presentation. Additionally, investors responded positively to the upbeat Q1 earnings reports of Alphabet and Microsoft. As of Friday, BTC was seen changing hands at the $29,400 level, with support at the $29,250 level and resistance at the $29,800 level. Investors and traders may also be anticipating the upcoming FOMC meeting on interest rate decisions, which is scheduled for next week. Meanwhile, Ethereum, the second largest cryptocurrency, is currently trading at the $1,900 level. ETH is consolidating and facing resistance near the $1,925 level, and a close above this level may initiate a fresh rally.

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