Synopsis
Cryptocurrency markets rose on Tuesday ahead of key US inflation data and a two-day Fed monetary policy meeting, with Bitcoin up 0.91% to $26,100 and Ethereum above $1,750. Other top tokens, including BNB and XRP saw gains of up to 4%, while Solana, Dogecoin and Polkadot also traded higher. The global cryptocurrency market cap increased 0.99% in the last 24 hours to $1.06tn, with Bitcoin’s market cap at $505bn and dominance at 48%, down 0.04% on the day. Analysts suggest the crypto market is in a “decisive phase” and waiting for the next catalyst for either short-term recovery or selling pressure.
The cryptocurrency markets were majorly trading higher on Tuesday ahead of key US inflation data later on the day and a two-day Fed monetary policy meeting on Wednesday.
Bitcoin (BTC) surged 0.91% to $26,100, whereas Ethereum (ETH) was above the $1,750 level. BTC volume stood at approximately $11.59 billion, rising 0.26% in the last 24 hours.
“Most cryptocurrencies rose in the past 24 hours ahead of the release of CPI data for May which is scheduled for today,” Edul Patel, Co-founder and CEO at Mudrex, said.
“Bitcoin traded at the US$26,000 level over the weekend following the low at US$25,675. BTC sees bulls attempt to break the resistance of US$26,300 level. However, currently the market sentiment remains largely bearish,” Edul added.
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View Details »Other top crypto tokens were also trading higher. BNB and XRP rose up to 4%. Meanwhile, Dogecoin, Solana and Polkadot also traded with gains. The global cryptocurrency market cap was trading higher around $1.06 trillion, rising 0.99% in the last 24 hours.
The market cap of Bitcoin, the world’s largest cryptocurrency, was around $505 billion. Bitcoin’s dominance is currently 48%, a decrease of 0.04% over the day, according to CoinMarketCap.
“Crypto market is in a decisive phase with Bitcoin just about holding $26,000 while major altcoins are recovering post a selloff last week. US Fed pausing interest rate hikes this week will be a key catalyst to a short-term recovery,” Vikram Subburaj, CEO of Giottus Crypto Platform, said.
Sathvik Vishwanath, Co-Founder & CEO of Unocoin, said, “Technical analysis shows Bitcoin facing resistance at $26,180 and finding support near $25,400. The market is consolidating within this range and a breakout will determine the next move.”
“Candlestick patterns indicate investor indecision supported by oscillators such as RSI and MACD. The 50-day EMA acts as resistance at $25,900. The descending triangle pattern suggests bearish sentiment and if the $25,400 support is breached, selling pressure may increase with the $24,950, $24,700 or $24,400 support levels,” Sathvik added.
(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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