Crypto Price Update: Bitcoin Surpasses $96,700 with Ethereum Rising
As of 12:39 PM IST, Bitcoin climbed 1% to $96,744 and Ethereum 4.65% to $2,720, with the global crypto market cap at $3.21 trillion. Bitcoin rebounded from a low of $94,300, driven by rising inflation. Notable ETF outflows, expectations of volatility, and trading indicators also reflect the changing crypto landscape.
As of 12:39 PM IST, Bitcoin has risen by 1% to reach $96,744, while Ethereum has experienced a 4.65% increase, now priced at $2,720. The global cryptocurrency market capitalization rose by 1.97% over the past 24 hours, reaching $3.21 trillion. Bitcoin’s significant recovery above $96,500 followed a brief fall to $94,300 due to recent US inflation data, with the Consumer Price Index (CPI) rising by 3% year-on-year, surpassing forecasts of 2.9%.
During the trading session, spot exchange-traded funds (ETFs) witnessed outflows of $229 million. “We expect continued volatility in the near term unless ETF flows and institutional demand stabilize,” stated Vikram Subburaj, the CEO of Giottus. Furthermore, the cryptocurrency market’s dynamic nature requires investors to have prompt access to accurate information.
Bitcoin holds a market capitalization of $1.916 trillion and a dominance of 59.82%. Trading volumes for Bitcoin surged by 33.2% to $48.92 billion, with stablecoins accounting for $120.51 billion, or 92.69% of total trading volume, as reported by CoinMarketCap. This market environment is characterized by heightened interest and increasing transactions within the cryptocurrency sphere.
Analyzing Bitcoin’s short-term price action, it indicates consolidation between $94,500 and $97,000 on the hourly chart, with low trading volumes suggesting decreased activity. Significant support is observed at $94,091, while resistance lies at $98,490. A breakout above $97,000 may lead to bullish developments, whereas a drop below $94,500 could trigger further declines.
On a broader scale, the 4-hour chart reflects a bearish trend, identifying resistance at $102,754 and support at $91,530. Daily fluctuations signal consolidation between $94,000 and $96,000, with support located at $89,164. Oscillator indicators present neutral signals, complemented by MACD and the awesome oscillator reflecting weak bearish momentum.
In summary, the cryptocurrency market is marked by Bitcoin overtaking $96,700 and Ethereum achieving notable gains. Recent inflation data has impacted market dynamics, contributing to volatility. Analysts indicate essential levels of support and resistance, suggesting future price movements. Investors need to stay informed amidst ongoing fluctuations and changing market conditions.
Original Source: m.economictimes.com
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