News
Cryptocurrency Price March 18: Bitcoin Trades Near $68,500; Avalanche, Shiba Inu Jump Up to 18%
Cryptocurrency Markets rallied on Monday, led by Bitcoin, Ethereum, Solana, and Avalanche, ahead of the Fed’s policy decisions later this week. Investors are awaiting the central bank’s policy decisions later this week as they look for clues about the future trajectory of global interest rates.
In the last 24 hours, Bitcoin jumped to an intraday high of $68,897 in volatile trading. It was last up 3.92% at $68,458 at 11:22 IST.
Ethereum, the second largest crypto token, gained over 2.6% to $3,633. Other popular crypto tokens such as Solana (9%), XRP (2.8%), Cardano (4%), Avalanche (18.3%), Dogecoin (6%) and Shiba Inu (13.4%) also increased. The global cryptocurrency market capitalization increased by 3.3% to around $2.6 trillion in the last 24 hours.
“Bitcoin traded above the $67,000 mark over the weekend, bouncing slightly following liquidations triggered by higher-than-expected US CPI data. If the price reverses, support is expected around $65,500, while resistance awaits at $70,600,” said Edul Patel, CEO of Mudrex.
The total cryptocurrency market volume over the past 24 hours is $127.9 billion, which represents a decline of 11.45%. The volume of all stablecoins is now $114.9 billion, which is 89.84% of the total cryptocurrency market volume over the past 24 hours, according to data available on CoinMarketCap.
Over the past 24 hours, the market capitalization of Bitcoin, the world’s largest cryptocurrency, has risen to $1.346 trillion. Bitcoin’s dominance currently stands at 51.92%, according to CoinMarketCap. BTC volume over the past 24 hours has dropped 7.6% to $44.8 billion.
“On the shorter timeframes, BTC needs to reclaim the 4H 50 EMA for confirmation of the uptrend, while ETH needs to reclaim the 4H 20 EMA for confirmation of the continued uptrend. In particular, this week’s US Federal Funds rate and FOMC economic projections are expected to bring volatility to the market,” the CoinDCX research team said.
Technical view of ZebPay Trade Desk
Bitcoin after taking multiple supports at $40,000 resumed the upside move and recovered to $52,985. The asset was facing a strong resistance at $52,000 and started consolidating between $52,000 and $50,000. After this move, BTC finally gave a break above the range and hit an all-time high of $73,777. After this move, BTC witnessed profit booking at higher levels and prices dropped to $64,533. The asset has a strong support at $64,000 and $60,000. If it holds and sustains above the support, then we might expect the bulls to resume the upside move and for further upside it needs to break and close above the recent all-time high.
(Disclaimer: Recommendations, advice, opinions and views provided by experts are personal. They do not represent the views of The Economic Times)
(You can now subscribe to our ETMarkets WhatsApp Channel)