Synopsis
Bitcoin continues to trade within a crucial technical range between $93,725 and $96,763. According to Sathvik Vishwanath, Co-Founder & CEO of Unocoin, a breakout above $97,000 could drive Bitcoin towards the $100,000 mark, with bullish momentum potentially extending to $130,000.
Bitcoin and major altcoins traded lower on Monday, February 24, as the market faced pressure from a major crypto hack and technical resistance levels.
As of 12:07 PM IST, Bitcoin slipped 0.6% to $95,708, while Ethereum declined 2.5% to $2,725. The global crypto market cap dropped 1.5% to $3.14 trillion in the past 24 hours.
“Bitcoin continues to struggle below the $96,200 resistance. Most altcoins remain significantly down from their recent all-time highs. The latest pullback was triggered by one of the largest crypto hacks, where a hacker exploited ByBit to withdraw $1.4 billion in ETH to an unknown address,” said CoinSwitch Markets Desk.
Crypto Tracker
TOP COIN SETSWeb3 Tracker3.54% BuyBTC 50 :: ETH 50-0.34% BuyCrypto Blue Chip – 5-1.76% BuyDeFi Tracker-4.18% BuyNFT & Metaverse Tracker-10.32% BuyTOP COINS (₹) Tether87 (0.15%)BuyBitcoin8,312,104 (-0.46%)BuyBNB55,814 (-3.23%)BuyEthereum235,740 (-3.57%)BuyXRP216 (-3.62%)Buy”Bitcoin remains range-bound between $95,000 and $97,000. However, a breakout toward $100,000 seems imminent, though a local low around $94,000 may be tested before an uptrend,” said Vikram Subburaj, CEO of Giottus.
Did you Know?
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View Details »Also Read: Bitcoin’s drop: A chance for retail investors to buy the dip? Here’s what experts say
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Other major altcoins also declined, with XRP down 2.9%, BNB losing 3.3%, Solana falling 6.3%, and Dogecoin dropping 5%. Cardano, Chainlink, Sui, Avalanche, Stellar, Litecoin, Shiba Inu, and Hedera recorded losses between 1% and 6%.
Bitcoin’s market cap fell to $1.899 trillion, with its dominance at 60.39%. BTC’s 24-hour trading volume surged 31.5% to $22.5 billion. Stablecoins accounted for $76.91 billion of this volume, or 93.52%, according to .
Also Read: If Bitcoin crashes, I will back up the truck and buy more: Robert Kiyosaki
Technical View
Bitcoin remains in a key technical range between $93,725 and $96,763. A breakout above $97,000 could push it toward the $100,000 milestone, with bullish momentum possibly extending to $130,000, said Sathvik Vishwanath, Co-Founder & CEO of Unocoin.
Despite a 3% drop following the ByBit hack, Bitcoin stabilized above $95,000, boosting investor confidence. Notably, 200,000 new BTC wallets were created in the past 48 hours, indicating renewed interest.
Also Read: Lessons from the $LIBRA Controversy: How to protect yourself from crypto frauds
(Disclaimer: Recommendations, views, and opinions expressed by experts are their own and do not reflect the views of The Economic Times.)
