Bitcoin Rises Above $86K Amidst Regulatory Confidence and Market Gains
Bitcoin’s price has surpassed $86,000 with significant gains also in other cryptocurrencies, including Ethereum and Solana. The global crypto market cap increased by 2.94%. Regulatory engagement is boosting investor confidence, with notable trading volume growth. Market dynamics and technical indicators suggest critical support and resistance levels for Bitcoin’s future price movement.
Today, Bitcoin’s price has surged above $86,000, marking a notable rise. Ethereum increased by 2.3%, trading at $2,047, while the global cryptocurrency market capitalization rose by 2.94% to reach $2.84 trillion. Other major altcoins also experienced gains, with Solana up 5.9%, XRP increasing by 3%, and Cardano and Dogecoin rising by 2% and 3.8%, respectively. Avalanche, Chainlink, Hedera, and Stellar recorded gains between 3% and 10%.
Shivam Thakral, CEO of BuyUcoin, emphasized the importance of regulatory measures in fostering market confidence, stating, “The crypto market has shown resilience, with Bitcoin rising 3.19%. Investors are closely watching the U.S. SEC’s recent crypto-focused roundtable, which signals a more structured regulatory approach.” Currently, Bitcoin’s market capitalization stands at $1.727 trillion, making up 60.73% of the total market. Trading volume over the last 24 hours soared by 93% to $18.2 billion, with stablecoin transactions comprising a significant 94.74% of total trading.
According to the ZebPay Trade desk, Bitcoin’s bulls continue to maintain prices above the 200-day simple moving average of $84,899 over the weekend. However, volatility arises from ongoing tariff wars affecting both traditional and crypto markets. Bitcoin faces resistance around the 20-day exponential moving average of $86,246, yet strong buying pressure has prevented significant losses.
After reaching an all-time high of $109,588, Bitcoin entered a ‘Descending Triangle’ pattern before dropping to $76,606. The asset is currently consolidating within a range of $80,000 to $87,500, with solid support levels at $80,000 and $73,500, while the critical resistance levels for upward movement are at $90,000 and $100,000. A confirmed breakout above these levels could lead to further price appreciation.
In summary, Bitcoin has shown resilience by surpassing $86,000, with significant gains observed in other major cryptocurrencies. Regulatory developments appear to bolster investor confidence, while market dynamics continue to shape trading patterns. Maintaining a close watch on support and resistance levels will be crucial for investors looking to navigate the evolving landscape of cryptocurrency investments.
Original Source: m.economictimes.com
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