Synopsis
Cryptocurrency markets fell on Monday tracking global equities as geopolitical tensions and economic uncertainty weighed on investor sentiment.itcoin dropped 1.6%. Ethereum declined below the $2,650 level.
Cryptocurrency markets fell in tandem with global equities on Monday as geopolitical tensions and economic uncertainty weighed on investor sentiment. Bitcoin dropped 1.6% to $64,450, while Ethereum declined below the $2,650 level.
The downturn in global markets was fueled by ongoing conflict in the Middle East, with continued Israeli attacks in Lebanon adding to geopolitical uncertainty. Additionally, investors remain cautious ahead of key U.S. economic data releases this week, including the payroll report, which could influence the Federal Reserve’s decision on another interest rate cut in November.
“Bitcoin saw profit-booking after briefly reaching $66,000. It is currently trading at $64,500. BTC is struggling to break past resistance. As September ends, Bitcoin faces key resistance at $66,500, with support at $64,200,” said Edul Patel, CEO of Mudrex.
Vikram Subburaj, CEO of Giottus Crypto Platform, added, “Bitcoin has fallen sharply this morning and is trading below $65,000. Based on the liquidation heatmaps, Bitcoin may revisit the range around $61,000 to $63,000 before pushing further.”
Among altcoins, Dogecoin (-3.4%), Cardano (-1.3%), Avalanche (-0.4%), Shiba Inu (-4.4%), Chainlink (-3%), and Polkadot (-1.7%) also recorded declines.
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The volume of all stablecoins stood at $55.7 billion, representing 89.3% of the total crypto market’s 24-hour trading volume, according to .
In the last 24 hours, Bitcoin’s market cap fell to $1.277 trillion, with its dominance at 56%. Bitcoin’s trading volume surged 46% to $21.5 billion during the same period.
Sathvik Vishwanath, Co-Founder & CEO of Unocoin on Bitcoin’s Future Prospects
Several factors indicate a potential rise in Bitcoin’s price this quarter. Seasonality, coupled with expectations of a global central bank easing cycle, could boost gains. The upcoming U.S. Presidential election in November may also impact market sentiment, particularly with Donald Trump, a known crypto supporter, running against Vice President Kamala Harris, who has recently shown a more positive stance toward cryptocurrencies.
Historically, Bitcoin rallies intensify around 170 days post-halving, suggesting bullish trends ahead. Institutional demand from Bitcoin ETFs is rising, likely to drive further attention. Bulls are eyeing resistance levels starting at $70,000, with speculation around a possible $100,000 target as favorable economic conditions and political events unfold.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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