Bitcoin and other digital tokens were trading mixed during the early trading hours on Monday, after a weekend rally. Crypto market was firm amid the banking crisis across the world, but traders will be keenly looking at the US Fed's rate hike and commentary following it. Bitcoin was trading strongly above $27,000, rising about 25 per cent in the last one week. However, its largest peer Ethereum underperformed, gaining about just 10 per cent in the last one week, hovering around the $1,750 mark. Altcoins were trading with mixed cues. Over the weekend, Bitcoin hovered above the $28,000 threshold, and while it has slightly decreased today, it's still trading above $27,000. The global cryptocurrency market is valued at $1.17 trillion, representing a 1.18 per cent increase over the past 24 hours, said Edul Patel, Co-founder and CEO at Mudrex "The last time Bitcoin traded above the $28,000 range was in June 2022. It has risen 101 per cent from its lowest cycle in January. With instability in the banking sector, higher-than-expected inflation data, and renewed confidence in a dovish Federal Reserve, Bitcoin has reached levels not seen in approximately nine months," he said. Major top and popular crypto tokens were trading with mixed cues on Monday. However, the moments were majorly capped on either side. Among the gainers, Solana gained about 5 per cent, whereas XRP jumped 3 per cent. Among the losers, Polygon shed 4 per cent, followed by Shiba Inu and Polkadot. The global cryptocurrency market cap was trading slightly higher at $1.16 trillion, rising almost a per cent in the last 24 hours. However, the total trading volumes increased more than 10 per cent, close to $68.61 billion.
Bitcoin is experiencing a minor dip, with the cryptocurrency currently trading at $27,200, showing an upward trend and could potentially break out of the $27,740 resistance level, leading to price moves towards the $29,000 or $30,700 levels, said Sathvik Vishwanath, Co-Founder and CEO, Unocoin.
"Ethereum, on the other hand, is experiencing strong buying interest. A number of altcoins posted big gains, whereas others were trading sharply lower," he said.
Bitcoin (BTC) is currently trading around $28,000, having gone through an impressive 50% increase in just the last 10 days. This bullish surge began when BTC rebounded from its 200-day moving average, breaking through various resistance levels along the way. These include the golden pocket at $26,662 (now acting as a robust support), the 50-day moving average at $23,393, and an ascending trendline that has held on since October last year. BTC dominance has increased significantly as alts bleed against the top asset.
The next targets to watch out are the Fib resistance levels at $28,799 and $32,429. Additionally, the psychological barrier at $30,000 may prove to be a challenging milestone. On the other hand, BTC's 200-day moving average is currently at $19,935, significantly below its present value. This could suggest that BTC is overbought. Bitcoin’s relative strength index (RSI) around 70 further supports this notion. Major Levels Resistance: $28,799, $30,000, $32,429 Support: $26,662, $25,950, $23,949
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