The largest cryptocurrency by market capitalization, Bitcoin, faced a bit of a sell-off and hovered around $48,000 mark and ETH too fell lower, said Edul Patel, CEO and co-founder of Mudrex.
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New Delhi: The cryptocurrency market was nursing its weekend wounds as investors tried to gradually pick up beaten down altcoins. However, the majority of tokens, including Bitcoin and Ethereum, continued to bleed.
As many as six out of the top 10 digital tokens were trading lower at 9.30 IST. Terra and Polkadot were holding mild gains, whereas Cardano shed 6 per cent.
The global crypto market cap declined about a per cent to $2.25 trillion mark as compared to the last day. However, the total crypto market volume tanked as much as 8 per cent to $70.34 billion.
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The largest cryptocurrency by market capitalization, Bitcoin, faced a bit of a sell-off and hovered around $48,000 mark and ETH too fell lower, said Edul Patel, CEO and co-founder of Mudrex. “If Ethereum falls below the crucial support at $4,000, we might see a major dip across altcoins,” he added.
Bitcoin’s fundamentals further improved this week as Miami’s mayor who is receiving his salary in Bitcoin has just announced that he will be taking a portion of his 401k retirement fund in Bitcoin. This has great implications as when the political leaders display their faith in Bitcoin, it is likely to be accepted as an asset class in society, said WazirX Trade Desk.
Tech view by Proassetz Exchange
Nothing of much significance happened in Bitcoin in the past one week as prices drudgingly continued their intermediate downtrend and a minor breakout attempt till $51,600 failed to materialize previous Tuesday.
$47,500 has been tested multiple times but chances are high that Bitcoin will break this support and fall lower. Moving averages and momentum oscillators like 50- and 100- period ROC on 4-hour chart are not indicating return of strength as yet.
Hence, traders might keep a stop loss at $51,600 and maintain short positions for few more days. Demand will return in Bitcoin only upon violation of the downtrend line above $51,600.
Support: $27.2, $26.7, $25
Resistance: $30.5, $32, $32.5
(Time is in UTC and the daily time frame is 12:00 AM – 12:00 PM UTC)
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)
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