Bitcoin Value: Bitcoin Approaches $100K Before Major Economic Data; Altcoins Decline by as Much as 7%
By 11:30 am IST, Bitcoin’s value had decreased by 0.8%, with a trading price of $99,043, and Ethereum had dropped 1.6% standing at $3,915. Bitcoin’s fluctuation for the session marked a high of $101,399 and a low of $98,579.
“Resistance at the $100,000 level is significant for Bitcoin as the market awaits the US CPI data due on Wednesday. It’s critical for Bitcoin to sustain above $98,600 and breach the $100,000 threshold to maintain its bullish momentum,” commented Vikram Subburaj, CEO of Giottus Crypto Exchange.
Crypto Market Update
Avinash Shekhar, Co-founder & CEO of Pi42, observed, “Bitcoin’s persistent consolidation around the $100,000 mark underscores the battle between market optimism and caution. A decisive surge beyond this level could pave the way towards $125,000, with the bullish sentiment projected to stay strong for the following year.”
Further Reading: Putin’s Remark, Boosting Bitcoin’s Surge
Notable Altcoins including Solana, BNB, Cardano, Tron, Shiba Inu, Toncoin, Polkadot, Stellar, and Hedera registered losses reaching 7%.
Analysis: Market Trends Beyond Bitcoin
“The larger cryptocurrency market has been cashing out at peak levels, with prominent coins such as XRP, BNB, and Cardano dropping by as much as 7%. BTC now encounters resistance at $103,500 and crucial support at $98,000,” noted Edul Patel, CEO of Mudrex.
Sathvik Vishwanath, Co-founder & CEO of Unocoin, mentioned, “With indicators such as RSI suggesting over-purchased conditions, short-term corrective movements might occur. Nonetheless, the limited supply of Bitcoin and rising institutional interest still fortify a positive long-term outlook. If Bitcoin stabilizes above the $100,000 mark, we may see enduring bullishness, although market volatility is an ongoing consideration.”
Editorial: Bitcoin’s Unstoppable Journey
The total market capitalization of cryptocurrencies has decreased by 0.65% in the last day, amounting to roughly $3.63 trillion according to CoinMarketCap. Stablecoins now dominate 92.61% of the total crypto market volume over 24 hours, translating to $151.56 billion.
Bitcoin’s market cap has dipped to $1.965 trillion, witnessing a 36% increase in 24-hour trading volume which has reached $54.33 billion.
(Disclaimer: The views and opinions expressed by the experts are solely theirs and do not necessarily reflect those of Economic Times)
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