Crypto Market Update: Bitcoin Holds Steady While Altcoins Exhibit Mixed Performance
Bitcoin is slightly down at $97,714, with Ethereum up over 4% at $2,827. The global cryptocurrency market cap has dropped to around $3.2 trillion. Despite recent volatility, Bitcoin shows strong buying interest at levels below $97,000 as whale addresses accumulate BTC during the dip, indicating a potential short-term rebound.
As of 10:53 AM IST, Bitcoin is trading slightly lower at $97,714, down by 0.3%, while Ethereum has seen a notable increase of over 4%, reaching $2,827. The overall cryptocurrency market cap has decreased by 0.48%, settling around $3.2 trillion within the last 24 hours.
Vikram Subburaj, CEO of Giottus, noted that Bitcoin is currently consolidating around the $97,000 mark after facing resistance near $99,000. Demand remains strong for Bitcoin, particularly when prices dip below $97,000, indicating ongoing investor interest despite recent fluctuations.
The cryptocurrency market is highly volatile, with prices capable of rapid changes. Thus, it is crucial for investors to have access to reliable information at all times. In the past 24 hours, Bitcoin’s market cap has fallen to approximately $1.936 trillion, with its dominance in the market at 60.3%. Bitcoin trading volume has decreased by 33.95%, totaling $46.79 billion; meanwhile, stablecoins have accounted for $112.8 billion, representing 92.67% of total trading volume according to CoinMarketCap.
The ZebPay Trade Desk noted that Bitcoin faced challenges for a rebound as the price extended its decline on February 5. Following significant price swings of nearly $11,000 in a single day, Bitcoin’s daily chart has closed below $100,000 for a second time since January 15, suggesting potential consolidation and prompting traders to reassess market conditions.
Despite the recent dip, data has shown that whale addresses have accumulated over 30,000 Bitcoin, often indicating a potential short-term rebound. A closing price above $100,000 might invalidate the current bearish trend, shifting momentum temporarily in favor of bullish investors.
Bitcoin exhibited an ‘Evening Star’ pattern at $108,353, resulting in a significant price correction of approximately 17.5%, bringing prices down to $89,256. The cryptocurrency found support levels around $90,000, with buying interest observed at these price points. Currently, Bitcoin is consolidating between the $100,000 and $107,000 range, with strong supports at $99,000 and $85,000, and $110,000 acting as a key resistance level.
The cryptocurrency market is characterized by its dynamic nature, with assets such as Bitcoin and Ethereum frequently experiencing significant price fluctuations. These shifts necessitate close monitoring and analysis to make informed investment decisions. Bitcoin has recently been consolidating after a dramatic price correction, leading to renewed discussions among investors regarding future market conditions and potential trading strategies.
In summary, Bitcoin is currently stabilizing around $97,000 as it faces resistance, while Ethereum has shown resilience with a notable increase. The cryptocurrency market remains volatile, necessitating careful analysis and timely information for investors. As whale accumulations hint at a potential rebound, market participants are closely observing key support and resistance levels to gauge future price movements.
Original Source: m.economictimes.com
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