“Bitcoin (BTC) has surprisingly dropped in the last 24 hours after a surge in the last few days. Analysts are predicting a liquidity crunch in the stablecoin market for the price struggles of Bitcoin. There’s also a dip in overall optimism after Peter Schiff’s statement about his support for gold over Bitcoin, in addition to a new wave of negative sentiment due to the Mt. Gox sell-off,” said Rajagopal Menon, VP of WazirX.
Edul Patel, CEO of Mudrex, said, “If Bitcoin starts to rise again, it might encounter resistance at $65,000, with support found at $63,850. Meanwhile, Ethereum is trading at $3,400, with bulls aiming to push the price up to $3,730. Sellers are expected to put up a strong defence around the $4,000 mark.”
Other altcoins and meme coins also declined, including BNB (1.5%), Solana (2%), XRP (6.9%), Toncoin (1.2%), Dogecoin (4.3%), Cardano (1.6%), Avalanche (4.4%), Shiba Inu (11%), Polkadot (4.2%), Chainlink (4.4%), and NEAR Protocol (3.5%).
The volume of all stablecoins is now $68.86 billion 92.36% of the total crypto market 24-hour volume, according to CoinMarketCap.
In the last 24 hours, the market cap of Bitcoin the world’s largest cryptocurrency fell to $1.276 trillion. Bitcoin’s dominance is currently 53.97%, according to CoinMarketCap. BTC volume in the last 24 hours declined 24.4% to $29.59 billion.
“Bitcoin is currently consolidating below $65,000 amid heightened trading activity. It is holding gains on the weekly chart but is facing significant resistance near $64,500. A successful weekly close above $65,000 could drive its positive momentum over the next few days,” said Vikram Subburaj, CEO of Giottus Crypto Platform.
Meanwhile, Sathvik Vishwanath, Co-Founder & CEO of Unocoin, said, “Currently, Bitcoin (BTC/USD) is trading around $65,000 with resistance levels at $65,980, $66,940, and $67,940 and support at $63,980, $63,020, and $62,330. RSI 61 and 50-day EMA at $63,020 indicate positive momentum and reinforce Svenson’s bullish forecast.”
(Disclaimer: The views expressed by experts are their own and do not necessarily reflect those of The Economic Times)
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