Synopsis
However, earlier in the day, Bitcoin had reached $59,300 level after US inflation rates dropped to 3%, the lowest in four decades, signaling a possible end to the price spike.
Cryptocurrency markets traded lower for the second consecutive day on Friday, dragged down by Bitcoin, Ethereum, and Solana. The global cryptocurrency market cap declined by 1.54% to around $2.11 trillion in the last 24 hours.
At 12:42 pm, Bitcoin (BTC) was trading 2% lower at $56,919, while Ethereum fell 1.5% to $3,065.
However, earlier in the day, Bitcoin had reached $59,300 level after US inflation rates dropped to 3%, the lowest in four decades, signaling a possible end to the price spike.
Crypto Tracker
TOP COIN SETSWeb3 Tracker6.39% BuySmart Contract Tracker3.99% BuyNFT & Metaverse Tracker2.51% BuyBTC 50 :: ETH 501.92% BuyAI Tracker0.19% BuyTOP COINS (₹) Tether84 (0.05%)BuyBNB43,621 (-1.09%)BuyEthereum256,878 (-1.53%)BuyBitcoin4,775,520 (-1.74%)BuySolana11,321 (-4.89%)Buy”Bitcoin crossed the $59,000 mark immediately after June CPI data showed that inflation was negative in June. The news uplifted market sentiments and resulted in a mini rally across major digital assets,” said Shivam Thakral, CEO of BuyUcoin.
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View Details »Edul Patel, CEO of Mudrex, added, “Bitcoin briefly rose above $59,000 but couldn’t maintain that level. It’s facing difficulties breaking past the $60,000 resistance due to several factors: investors anticipating Fed interest rate cuts, the German government transferring BTC to exchanges, and the liquidation of leveraged long positions.”
“The next resistance level is at $57,750, while support is at $56,000,” Edul said.
Other popular cryptocurrencies, including BNB, Solana, Dogecoin, Shiba Inu, Avalanche, Polkadot, and Chainlink, declined by up to 5%. On the other hand, XRP, Toncoin, Cardano, and Tron surged by up to 3.5%.
The volume of all stablecoins is now $63.05 billion, which is 93.2% of the total crypto market 24-hour volume, according to .
In the last 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, fell to $1.1125 trillion. Bitcoin’s dominance is currently 53.35%, according to . BTC volume in the last 24 hours rose 14.12% to $28.4 billion.
Tech view by Rajagopal Menon, Vice President of WazirX
Bitcoin is currently trading at $56,923. The price has dropped from the $59,500 resistance zone and is now below the $57,500 mark and the 100-hourly SMA. A key declining channel with resistance at $58,400 is forming. If BTC fails to maintain support above $56,500, it may continue to decline. Bears could gain momentum if the price falls below the $56,000 support level.
Technical indicators show the hourly MACD gaining momentum in the bearish zone, while the RSI for BTC/USD is below the 50 level. Major support levels are at $56,500 and $55,000, with significant resistance at $58,000 and $58,500. These indicators suggest potential downward pressure unless BTC can break through the resistance levels.
(Disclaimer: The views expressed by experts are their own and do not necessarily reflect those of The Economic Times)
