Synopsis
“The crypto market remained neutral to slightly bearish, with ETH underperforming BTC. The market is expected to remain sideways for a couple of days as there are no significant macro events this week, and it typically enters a consolidation phase after substantial moves,” said CoinDCX Research Team
The cryptocurrency market experienced a diverse set of movements on Thursday, with Bitcoin showing notable resilience and climbing above $57,000. This surge comes amid a period of mixed trading, where major tokens like Solana, XRP, and Dogecoin saw significant gains, while others, including Ethereum and BNB, faced declines.
As of 11:10 pm IST, Bitcoin (BTC) was trading 0.4% higher at $57,150, while Ethereum fell nearly 2.9% to $2,433. Meanwhile, the global cryptocurrency market cap decreased by 0.25% to around $2 trillion in the last 24 hours.
“The crypto market remained neutral to slightly bearish, with ETH underperforming BTC. The market is expected to remain sideways for a couple of days as there are no significant macro events this week, and it typically enters a consolidation phase after substantial moves,” said CoinDCX Research Team.
Crypto Tracker
TOP COIN SETSCrypto Blue Chip – 5-14.56% BuyBTC 50 :: ETH 50-18.10% BuySmart Contract Tracker-18.53% BuyAI Tracker-19.27% BuyDeFi Tracker-22.74% BuyTOP COINS (₹) Solana13,016 (2.1%)BuyBitcoin4,817,987 (1.04%)BuyTether84 (0.01%)BuyBNB40,979 (-0.62%)BuyEthereum203,762 (-2.9%)BuyEdul Patel, CEO of Mudrex, said, “Bitcoin has rebounded to the $57,000 level as market participants seized the opportunity to buy the dip. Over the past month, Bitcoin whales have purchased $23 billion worth of BTC, indicating growing accumulation.”
Did you Know?
The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors.
View Details »“Bulls are now aiming for further gains above $57,500. If BTC breaks through the $58,000 resistance zone soon, it could gain significant bullish momentum,” Edul added.
The day’s standout performance came from XRP, which surged 20% following a favorable resolution of its lengthy legal battle with the SEC. Judge Analisa Torres fined Ripple $125M, ending a four-year-long lawsuit with SEC.
“This amount is just a fraction of what the SEC had previously sought, which is positive news for Ripple,” said CoinDCX.
Tech view on Bitcoin by ZebPay Trade desk
Bitcoin’s 50-day Simple Moving Average (SMA) has fallen to $62,141, indicating a potential crossover with the 200-day SMA at $61,676. The Relative Strength Index (RSI) is at 43, suggesting continued bearish market conditions. Persistent net outflows from Bitcoin ETFs and mounting selling pressure have been cited as reasons for the recent market-wide downturn, which saw Bitcoin’s price plunge to a seven-month low below $50,000.
BTC fell almost by 25% from the recent high of $70,079 and the prices dropped to $52,300. The asset has a strong support zone from $52,500 to $50,000. $56,000 and $60,000 are strong resistance levels for the asset.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of the Economic Times)
