April 23 Cryptocurrency Market Analysis

Today, the crypto market faced resistance after a rally, with high-level oscillations and a pullback. BTC tested the 78k level but was pressured and weakened, currently trading at $77,900, up 0.2% in 24 hours. Ethereum showed weakness in tandem, trading at $2,345, down 2.3% for the day. Major coins exhibited divergence in gains and losses, with altcoin funds lacking strength and overall selling pressure increasing.
The entire network experienced continuous liquidation over 24 hours, with frequent long and short liquidations, and market sentiment remained cautious and somewhat weak. In the news, Middle East tensions remain volatile, U.S. stocks fluctuate, dragging down risk appetite. BTC spot ETF continues to see net inflows, with medium- and long-term funds providing support.
From a technical perspective, BTC faces strong resistance at 78,000-79,300, with short-term overbought conditions pulling back, and four-hour bullish momentum waning; key support levels are at 77,350 and 75,600. ETH faces resistance at 2,355, with a lack of rebound strength, and support shifting down near 2,310.
In the short term, high levels fluctuate repeatedly; caution is advised against deep corrections, avoiding chasing highs or longs. Light position trading within ranges is recommended, with strict stop-loss settings, and waiting for clearer market direction.
⚠️Risk reminder: Cryptocurrency volatility is high. The above is for market analysis only and does not constitute investment advice. $BTC