Bitcoin plunges to $71K with sell signals flashing and mixed indicators

Bitcoin slipped nearly 4% to $71,000 mark on Thursday with short term indicators flashing sell signals, and other mixed indicators. The cryptocurrency was trading at $70,865 level.

In the past 24 hours, Ethereum fell 5.6% to trade at $2,193 level. Among the major altcoins, XRP, BNB, Solana, Dogecoin, Hyperliquid, Cardano plunged over 6%, while Tron was up 0.45%.

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Bitcoin declined with short-term indicators showing sell signals. RSI stands at 51, indicating balanced momentum, while mixed moving averages suggest a pause rather than a decisive trend shift, said Nischal Shetty, Founder, WazirX.

Ethereum is holding near $2,204, with indicators evenly split between buy and sell signals. RSI at 55 suggests mild upward momentum, and moving averages show slight strength, indicating steady price action without any sharp directional bias, Shetty added.

The global crypto market capitalisation edged down 4% to $2.43 trillion, according to CoinMarketCap.

In the past week, Ethereum and Bitcoin were up 8% and 2% respectively. Among the major altcoins, XRP, BNB, Solana, Tron, Dogecoin, Hyperliquid, and Cardano gained up to 12%.

Riya Sehgal, Research Analyst, Delta Exchange said the recent pullback in Bitcoin and Ethereum is largely driven by macro repricing following stronger-than-expected U.S. inflation data and the latest Federal Reserve decision.

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Market perspective

CoinSwitch Markets Desk

Bitcoin saw a rejection around the $74K zone, confirming it as a resistance for now and the broader market is under pressure as rising oil prices and macro uncertainty continue to weigh on risk assets.

Vikram Subburaj, CEO, Giottus

The intraday range of roughly $70,500 to $74,600 reflects a market that has shifted from strength into a more cautious consolidation phase.

Macro remains the dominant driver. The U.S. Federal Reserve held rates steady on March 18, but signaled a cautious stance on rate cuts amid persistent inflation and elevated oil prices. This tighter liquidity outlook continues to weigh on risk assets, including crypto.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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