“Bitcoin’s value dipped below the $27,000 support threshold, trading around $26,000. One factor contributing to this could be the U.S. SEC’s decision to postpone evaluating spot bitcoin ETF applications until October,” Edul Patel, CEO & Co-Founder of Mudrex, said.
The crypto tokens were trading lower for the second straight day on Friday. Bitcoin (BTC) fell 5% to $25,998, whereas Ethereum (ETH) was below the 1,650 level.
The global cryptocurrency market cap was trading lower, around $1.05 trillion, falling 4% in the last 24 hours.
“The release of the U.S. monthly jobs report later today might also negatively impact Bitcoin’s value,” Edul added.
Meanwhile, other top crypto tokens were also trading lower on Friday. Dogecoin, Solana, BNB and Cardano fell over 3% each, while Tron, Polkadot, and Polugon declined over 4% each.
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View Details »The total volume in DeFi is currently $2.52 billion, 6.64% of the total crypto market 24-hour volume. The volume of all stablecoins is now $35.98 billion, which is 94.89% of the total crypto market 24-hour volume.
Bitcoin’s dominance is currently 48.35%, according to CoinMarketCap. Meanwhile, BTC volume stood at approximately $20.34 billion, rising 40.38% in the last 24 hours.
“Bitcoin recently experienced a bearish move, falling from the 27,300 level to a low of 25,900. The downward momentum shows no signs of stopping and appears to be headed for another major support level at 25,900, which is in line with the 78.6% Fibonacci retracement,” said Sathvik Vishwanath, Co-Founder & CEO of Unocoin.
“It is very important to closely monitor the 25,900 level. Any failure to break below this level could catalyze a bullish reversal and potentially push the price of Bitcoin towards the resistance levels of 26,700 and further to 27,400,” Sathvik said.
Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 12.25 hours, IST on September 1, 2023)
Bitcoin $25,998 -4.6%
Ethereum $1,644 -3.59%
Tether $0.9996 -0.04%
BNB $214 -4.24%
XRP $0.505 -3.87%
Cardano $0.2566 -3.09%
Dogecoin $0.06364 -3.20%
Solana $19.86 -4.13%
Polygon $0.551 -4.78%
Litecoin $63.85 -5.40%
Polkadot $4.27 -5.01%
Tron $0.07724 1.69%
Shiba Inu $0.000007986 1.90%
(Note: Price change in last 24 hours)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)