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Cryptocurrency Market Sees Decline as Bitcoin, Ethereum Slide
THE cryptocurrency The market saw a decline in Monday’s trading session, with Bitcoin down 2.3% to $62,300, while Ethereum fell 4.3% to $3,170. Additionally, the global cryptocurrency market cap declined 2.94% to around $2.31 trillion over the past 24 hours.
“Bitcoin has failed to continue its relief rally after briefly surpassing $67,000 last week. The current Bitcoin price momentum could be linked to low demand for spot ETFs and negative sentiment among investors who are expecting a potential post-halving crash,” said Shivam Thakral, CEO of BuyUcoin.
“$59,600 is an important level that the bulls need to defend to prevent further declines. A strong break and close above $65,000 could pave the way for a move to $68,000 and then $71,000,” Thakral said.
Meanwhile, Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, said: “It looks like a bearish trend is forming for BTC and we can expect some slow days ahead. Immediate resistance is around $63.4k.”
Other major crypto tokens such as BNB (-2.2%), Solana (-5.2%), XRP (-3.4%), Dogecoin (-5%), Toncoin (-4.7%), Polkadot (-5.2%), Shiba Inu (-5.3%) and Avalanche (-4.4%) also saw declines.
According to data available on CoinMarketCap, the volume of all stablecoins is now equal to $52.74 billion, or 90.58% of the total 24-hour cryptocurrency market volume.
In the last 24 hours, the market capitalization of Bitcoin, the world’s largest cryptocurrency, has fallen to $1.227 trillion. Bitcoin’s dominance currently stands at 53.15%, according to CoinMarketCap. BTC volume in the last 24 hours has increased by 19.3% to $21 billion.
Regarding future cryptocurrency price movements, CoinDCX research team noted: “This week’s macroeconomic events, such as the Fed funds rate and unemployment rate announcements, could potentially increase market volatility.”
On the technical front, Edul Patel, CEO of Mudrex, said: “Bitcoin has been range-bound between $60,000 and $70,000 for a while now. Support is at $62,500 and resistance is at $64,200.”
(Disclaimer: Recommendations, advice, opinions and views provided by experts are personal. They do not represent the views of The Economic Times)
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