The cryptocurrency market hit its apex this week. On Wednesday, April 14, Bitcoin set a new all-time record at $64,901 ahead of Coinbase exchange debut on Nasdaq. Ethereum followed, hitting $2,546 on Thursday.
Some crypto bulls expected cryptocurrencies were set for a correction as many investors decided to cash out on the surge.
On Friday bitcoin is losing 4.5% and ethereum 6%. The sell-off seems decisive, and it’s going to be very interesting to see where it stops.
If you believe we are at the peak of the crypto bubble, no is the time to open shorts. Bitcoin and ethereum long-term bulls should treat this as an opportunity to increase their portfolio buying low.
For both groups, the question is where the selling stops. $60,000 is an obvious resistance. Once it’s crossed, things may get very interesting.