Bitcoin Holds Steady Above $96,700 Amid Mixed Altcoin Performance
Bitcoin is currently priced at $96,749 with a slight increase, while Ethereum dropped to $2,699. The global crypto market cap remains steady at around $3.2 trillion. Experts foresee potential resistance levels for Bitcoin as inflation concerns linger.
As of 12:05 PM IST, Bitcoin is trading at $96,749, reflecting a 0.45% increase. Conversely, Ethereum has experienced a slight dip of 0.4%, bringing its price to $2,699. The global cryptocurrency market capitalization has remained relatively constant at approximately $3.2 trillion, with only a marginal increase of 0.02% over the last 24 hours.
Edul Patel, CEO and co-founder of Mudrex, noted, “Bitcoin is holding above $96,700 after finding support near $95,000. Higher-than-expected CPI and PPI data have raised inflation concerns, reducing the likelihood of a Federal Reserve rate cut in the first half of the year. However, BTC has shown resilience at key support levels. To maintain bullish momentum, it must break past the $98,000 resistance.”
Within the last 24 hours, Bitcoin’s market capitalization has risen to $1.916 trillion, establishing its dominance at 59.89%. However, the trading volume for Bitcoin has decreased by 28.3% to $34.86 billion. Notably, stablecoins comprised $94.33 billion of this volume, making up an impressive 92.29%, as reported by CoinMarketCap.
Sathvik Vishwanath, Co-Founder and CEO of Unocoin, provided insight on current trading conditions. He stated that Bitcoin currently trades around $96,600. A breakout above $100,000 could lead prices toward the January maximal of $106,012. Nonetheless, the relative strength index (RSI) reading of 44 indicates a lack of momentum, while the moving average convergence divergence (MACD) suggests a bearish crossover. Should BTC close below $94,000, it may test the psychological support level of $90,000.
In summary, Bitcoin is currently displaying resilience while trading above the $96,700 mark, given the broader market conditions and inflation concerns stemming from recent economic data. Expert opinions suggest potential for further price movements, contingent upon breaking critical resistance levels. Investors should remain vigilant amid the volatile cryptocurrency landscape.
Original Source: m.economictimes.com
Post Comment