Synopsis
Bitcoin prices saw stable trading on Wednesday, gaining marginally by 1% to $61,598 around 12 pm India time. Other major crypto coins traded with a positive bias too.
Bitcoin prices saw stable trading on Wednesday, gaining marginally by 1% to $61,598 around 12 pm India time. Other major crypto coins traded with a positive bias too. Among them were Etehreum, BNB, Solana, Dogecoin, Tron, Cardano, Shiba Inu and Avalanche which were up by up to 3% around this time.
A few of them were also on the losing side viz. XRP, Polygon, XRP and Toncoin which were down by 1.5%.
“Bitcoin continues to hold the $61,000 mark and is expected to test $70,000 again,” a CoinSwitch Markets Desk note said. The overall market structure remains perfectly in balance for both bulls and bears to make their respective cases, it said while holding that it would need significant selling to break the 4-month low of $56,500.
Crypto Tracker
TOP COIN SETSWeb3 Tracker6.56% BuyDeFi Tracker5.19% BuyAI Tracker4.31% BuyNFT & Metaverse Tracker2.70% BuyCrypto Blue Chip – 51.04% BuyTOP COINS (₹) Bitcoin5,140,095 (1.22%)BuySolana11,959 (1.04%)BuyBNB48,090 (1.03%)BuyEthereum283,999 (0.68%)BuyTether83 (-0.07%)Buy
Even as the BTC has been feeling selling pressure due to negative ETF flows and poor macro data from prior weeks, altcoins have held on to their forts.
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“In altcoins, memecoins continued to dominate the top movers of the day, with Coinbase L2’s leading memecoin, BRETT, and Ethereum’s PEPE topping the charts. Both of these memecoins are inspired by artist Matt Furie’s comic series, ‘The Boy’s Club’,” the CoinSwitch Markets Desk note added.
On the other hand, blockchain platform Solana recently introduced ‘Blinks’ and ‘Actions’ enabling users to trade their favourite memecoins directly from social apps like X.com. This new feature makes trading more accessible to the masses, CoinSwitch opined.
On charts, Bitcoin still seems to be above the 200-day moving average which is a good sign for recovering the world’s largest digital asset, Shivam Thakral, CEO of BuyUcoin said.
“The crypto market will stabilize if the buying interest grows within the investor community. Mt. Gox, which is supposed to return over 140,000 BTC to victims of a 2014 hack, said it will begin repayments next month. This news is expected to create some disruption in the digital asset market,” Thakral said.
Bitcoin’s late recovery coincided with the recovery in Nvidia and the Nasdaq Composite, Edul Patel, CEO of Mudrex remarked. The next resistance level for Bitcoin is at $62,900, while support is at $61,600, he said.
Contrary to current trends, the surge in BTC prices this year has been on the back of strong ETF inflows in this crypto asset.
BTC has taken a significant hit with $630 million pulled from BTC investment products, signaling growing investor caution and market volatility, Avinash Shekhar, CoFounder & CEO, Pi42 corroborated. This drop is driven by insufficient new liquidity and significant sell pressure from token unlocks, he added.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
