Synopsis
The cryptocurrency market displayed mixed trends on Monday as investors braced for significant events, including the US presidential election and a potential Federal Reserve rate cut, which could influence crypto prices. Major tokens like Bitcoin, Ethereum, Dogecoin, Tron, and Toncoin gained, while others such as BNB, Cardano, and Shiba Inu saw losses of up to 3%.
The cryptocurrency market showed mixed trends on Monday as investors prepared for key events—the US presidential election and an anticipated Federal Reserve rate cut, both of which could significantly impact crypto markets.
Major tokens like Bitcoin, Ethereum, Dogecoin, Tron, and Toncoin saw gains, while others such as BNB, Cardano, Shiba Inu, Chainlink, Polkadot, Litecoin, Uniswap, and NEAR Protocol experienced losses of up to 3%.
At 12:02 pm IST, Bitcoin (BTC) traded 0.84% higher at $69,014, while Ethereum rose by 0.9% to $2,472. Despite these individual gains, the global cryptocurrency market cap declined by 1.68% over the past 24 hours to roughly $2.25 trillion.
Crypto Tracker
TOP COIN SETSBTC 50 :: ETH 50-0.84% BuyAI Tracker-100.00% BuyNFT & Metaverse Tracker-100.00% BuyDeFi Tracker-100.00% BuyWeb3 Tracker-100.00% BuyTOP COINS (₹) Ethereum207,851 (0.87%)BuyBitcoin5,795,852 (0.67%)BuyTether84 (-0.03%)BuyBNB47,079 (-0.66%)BuySolana13,630 (-0.82%)Buy”Bitcoin is facing resistance at $69,000 after last week’s gains. We expect high volatility this week, driven by the US presidential election and the Fed’s policy meeting,” said Vikram Subburaj, CEO of Giottus Crypto Platform. “A rally above $72,000 could be likely if Trump secures a victory, while support remains strong at $66,000 if a drop occurs.”
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View Details »Edul Patel, CEO of Mudrex, said, “With just one day remaining before the U.S. presidential election, the crypto market is closely watching for the outcome. Bitcoin, currently trading at $69,000, has declined by over 4% over the weekend as investors adopt a cautious approach. Although technical charts suggest momentum is building, investors’ reaction to the election outcome is expected to be the key driver of BTC’s price action. Bitcoin faces resistance at $70,900, with support at the $67,400 level.”
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The volume of all stablecoins is now $65.12 billion, which is 93.44% of the total crypto market 24-hour volume, as per data available on .
In the last 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, increased to $1.363 trillion. Bitcoin’s dominance is currently 60.63%, according to . BTC volume in the last 24 hours surged 42.64% to $33.44 billion.
Tech view by ZebPay Trade Desk
Earlier this week, Bitcoin’s pullback near its all-time high may have prompted short-term traders to lock in profits. Despite the price retreating to around $68,000, analysts remain optimistic, expecting Bitcoin to find solid support within the $65,000 to $68,000 range. The upcoming U.S. elections are the next significant catalyst for the crypto markets. A break above $70,000 in the near term could lift investor sentiment, driving renewed buying interest in select altcoins as well.
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BTC after making the all-time high of $73,777 was trading in the ‘Descending Channel’ pattern. The asset gave a breakout above the channel and rallied up to $73,620. However, the bulls failed to cross the previous all-time and the prices witnessed some profit booking. BTC has struggled to give a weekly closing above the $70k mark in the past and this time also it failed to do that. Once it gives a weekly close above $70,000 and sustains above the previous all-time high then we may expect it to rally further.
Key Levels for BTC:
Support 1: $66,500
Support 2: $62,000
Resistance 1: $70,000
Resistance 2: $73,777
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of the Economic Times.)
