Bitcoin bounces back after falling below $46,000

by in Cryptocurrency News

Bitcoin

The night before, bitcoin crashed to $45,104 on some trading floors. Support intensified on the night of Tuesday, April 5. The cryptocurrency began to win back losses, and today it rebounded to $46,673.

Altcoins are traded in different directions. Ether (ETH) and Binance Coin (BNB) rose 0.62% and 1.7% to $3,523 and $454, respectively.

Solana (SOL), XRP, and Avalanche (AVAX) fell to $133.5, $0.827, and $96.94. The value of all digital currencies is now just over $2.17 trillion.

Trending: El Salvador bought an additional 80 BTC amid a drawdown in the course

According to Galaxy Digital CEO Mike Novogratz, in 2022 we should not expect a breakthrough in bitcoin. The Federal Reserve is likely to raise interest rates. The regulator is tightening monetary policy to combat inflation.

Bloomberg analysts also believe that a rally is unlikely in the current environment. The market is entering a bearish phase similar to that of the spring of 2019. Over the next few months, we expect to trade in a narrow range.

As a positive factor, analysts point to data on the growth of investments in cryptocurrency products. ETFs have raised approximately $550M over the past two weeks, reflecting the growing institutional interest in the cryptosphere.