Synopsis
Bitcoin’s bullish trend relies on breaking resistance at $61,500 amid key U.S. macro events like job openings. Market stability is crucial for sustained growth.
Bitcoin (BTC) traded in the green on Monday around 12 pm surging by 4%. It was hovering near the $63,333 mark. Other major crypto coins were also trading with a positive bias including Etehreum (ETH), BNB, Solana, XRP, Dogecoin, Cardano, Avalanche and Shiba Inu which were up by up to 7% around this time.
Among the altcoins that were trading in the red were Toncoin and Tron which were down by up to 0.26%.
“After a low-key weekend, Bitcoin jumped by over 4% in the past few hours. On the other hand, Ethereum followed the BTC trajectory and jumped by over 3.5% to touch the $3480 mark,” Shivam Thakral, CEO of BuyUcoin attributed the spike in sentiment to the US presidential debate showing that pro-crypto Donald Trump has a better chance of winning the upcoming elections.
Crypto Tracker
TOP COIN SETSSmart Contract Tracker5.48% BuyCrypto Blue Chip – 54.72% BuyDeFi Tracker2.47% BuyNFT & Metaverse Tracker2.38% BuyAI Tracker2.28% BuyTOP COINS (₹) Solana12,351 (5.68%)BuyBitcoin5,281,011 (3.07%)BuyEthereum290,887 (3.07%)BuyBNB48,770 (1.52%)BuyTether83 (-0.03%)Buy”Investors are optimistic about the future of the world’s largest digital asset. The crypto market will sustain this momentum this week if the macroeconomic factors remain favorable,” he opined.
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Source: CoinMarketCap
Decoding the technicals, Sathvik Vishwanath, Co-Founder & CEO at Unocoin said that Bitcoin has held above $61,240 level despite sliding below the 50-day EMA and the RSI of 60.11 indicate a balanced market sentiment. In his view, traders should closely monitor support levels at $59,940, $59,270 and $58,580, while considering long positions above $61,200 with robust risk management.
Vishwanath also sees David Portnoy eyeing a potential $10 million investment if BTC falls below $50,000 as a critical factor as he sees the move to affect market momentum amid reports of long-term holders selling assets. Bitcoin’s immediate resistance is at $61,500, which is key to start a bullish trend towards $62,500 and $64,300, he added.
Overall, the market looks healthy right now, but this week will be crucial due to key U.S. macro events such as the job openings and unemployment rate announcements, CoinDCX Research Team note said.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
