Dogecoin Tumbles While Bitcoin, Ethereum Spike: Analyst Sees 'Crucial Area' For Apex Crypto To Reach $30k

Major coins traded mixed on Tuesday evening, as investors weighed the dip in the hot job market coupled by the banking uncertainty.

Cryptocurrency	Gains (+/-)	Price (Recorded 9:30 p.m. EST)
Bitcoin BTC/USD	+2.97%	$28,650
Ethereum ETH/USD	+5.89%	$1,917
Dogecoin DOGE/USD	-1.14%	$0.096

What Happened: Dogecoin DOGE/USD took a sharp dive on Tuesday night, while Bitcoin BTC/USD and Ethereum ETH/USD saw significant gains as cryptocurrency markets reacted to the latest U.S. employment figures. 

Top Gainers (24 Hours)

Cryptocurrency	Gains (+/-)	Price (Recorded 9:30 p.m. EST)
Icon	+48.23%	$0.46
Lido DAO	+15.23%	$2.77
Synthetix	+12.45%	$2.87

At the time of writing, the global crypto market capitalization stood at $1.21 trillion, an increase of 3.18% over the last day.  

U.S. stocks tumbled as the S&P 500 shed 0.58%, and the Nasdaq Composite slipped 0.52%.

See More: Best Crypto Day Trading Strategies

News Highlights: Tether, the world’s largest stablecoin issuer, has taken its business offshore. According to Bloomberg, Tether used Signature Bank’s Signet payments platform to make a series of transfers of U.S. clients’ funds from the U.S. to Capital Union Bank in the Bahamas. 

Analyst Notes: Analyst Michaël van de Poppe said that Bitcoin is continuing to consolidate between the $27,900 and $28,400 levels. If the $28,400 level is cracked, it could provide a jumpstart for Bitcoin to eventually climb to $30,000. 

Boredom today on the markets. #Bitcoin still consolidating in between levels, $27,900 retest did work out.

Crucial area to break is $28,400 which ultimately results into bullish continuation towards $30,000. pic.twitter.com/zX4BrCMnVY

— Michaël van de Poppe (@CryptoMichNL) April 4, 2023

According to top crypto analyst Justin Bennett, Bitcoin’s current triangle pattern may soon lead to a potentially explosive price move in the coming days. With BTC trading at around $28,452 at the start of the quarter, this price level has acted as a critical resistance point over the past few weeks.

If Bitcoin is unable to break above $28,452 in the short-term, a bearish deviation (fakeout) could be on the horizon and drag the price lower. On the other hand, should the 4-hour triangle breakout to the upside, this would likely propel Bitcoin prices higher. 

Pseudonymous analyst Kaleo believes that ETH has had a solid bounce relative to BTC in the past several days. However, they cautioned that this should be nothing more than a swing play opportunity, and any profits should be rotated back into BTC before $30,000 breaks and the ETH/BTC ratio trend reverses and turns bearish again.

$ETH / $BTC

Solid bounce for ETH relative to BTC the past several days

tbh though, still just expect this as nothing more than a swing play opportunity and profits should rotate back into BTC before $30K breaks and the ratio trend reverses bearish again pic.twitter.com/MOe1GlibaX

— K A L E O (@CryptoKaleo) April 5, 2023

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