Crypto Price Today: Bitcoin nears $28,000; BNB, Ethereum & Polygon top gainers

After the weekend jitters, Bitcoin was back in green as Asia logged into the offices on Monday. However, there was no major movement in the crypto market as crypto traders closely followed everything with Coinbase, which received a notice from the SEC recently.

However, the sentiments in the crypto markets largely remain positive after the recent US FOMC rate hikes. Interestingly, liquidity is a big concern in today’s crypto market.

At the onset of the week, Bitcoin sustained its consolidation above the $27,000 support threshold, following a dip from its unsuccessful attempt to surpass the US$28,000 resistance area last week. However, bulls seem to be active near the $27,000 support, said Edul Patel, Co-founder and CEO at Mudrex.

"Presently, BTC immediate resistance lies at the $28,150 mark, and any break above this level could trigger another significant upsurge. Meanwhile, Ethereum maintained its trade above the $1,700 level," he said.

Bitcoin rose a per cent to hover around the $28,000 mark, whereas its largest peer Ethereum also advanced more than half a per cent to race past the $1,750 level. However, it remained below the $1,800 mark. Action in the altcoins remained mixed.

In the cryptocurrency market, Bitcoin consolidated around $27,800 and broke the $29,250 resistance level. The current bullish trend suggests the possibility of further growth in the value of Bitcoin up to $29,250 or even $30,700, while Ethereum is around $1,766, said Sathvik Vishwanath, Co-Founder and CEO at Unocoin.

The top crypto tokens were trading with mixed cues on Monday. However, the price action in the most popular crypto assets was capped. Among the gainers, BNB and Polygon rose about a per cent, each, whereas Dogecoin, Litecoin and Cardano posted similar cuts.

The global cryptocurrency market cap was trading with gains at $1.16 trillion, rising as much as a per cent in the last 24 hours. However, the total trading volumes were almost flat, falling just a per cent to $32.05 billion.

The latest developments at Coinbase may keep investors on their toes in the coming weeks and will have a significant impact on investor sentiment. The crypto market has absorbed the impact of the rate hike pushed by FOMC, said Shivam Thakral, CEO of BuyUcoin.
 

Tech View By Giottus Crypto Platform
About five weeks ago, Polygon (MATIC) was bullish, having skyrocketed over 100% YTD. However, the tides have turned since then, and the asset has dropped about 30%, currently hovering around the $1.1 level.

After a pullback MATIC faced a roadblock at its 50-day moving average, now situated at $1.21, and has struggled to break through ever since. But an ascending trendline from June last year and the 200-day moving average have formed a solid safety net, preventing a more significant plunge.
 

Its RSI is sitting around a neutral 50, indicating a balanced market with opportunities for both the bulls and the bears alike. For the bullish traders, now might be the right time to go all-in on MATIC, as it is aiming to conquer and surpass the golden pocket.

Keep an eye on the $1.3 milestone as the next target. Bears might be able to drag it down to the 200-day moving average at $0.97, but they'll need to break the trendline first.

Major Levels
Resistance: $1.14, $1.21, $1.30
Support: $1.09, $0.97, $0.94

(Views and recommendations given in this section are the analysts' own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.)

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