Synopsis
Bitcoin surged by 5% up to $26,936, whereas Ethereum stood above $1,850, and the global cryptocurrency market cap rose by 3.14% in the last 24 hours to $1.13 trillion. Other currencies such as Dogecoin and Litecoin also surged by over 4%. Although crypto fear and greed index regained its position in the neutral zone by climbing 9 points since yesterday, BTC may face strong resistance near the $27,400 level and support around the $26,400 level, according to experts.
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Explore NowThe cryptocurrency markets were trading higher on Wednesday. Bitcoin (BTC) surged 5% to $26,936, whereas Ethereum (ETH) was above the $1,850 level. BTC volume stood at approximately $23.77 billion, rising 17% in the last 24 hours.
“Crypto markets have showcased resilience by trading in the green over the last 24 hours. The crypto fear and greed index has also regained its position in the neutral zone by climbing 9 points since yesterday. This could be attributed to a strong resilience shown by the industry, despite the SEC serving a lawsuit to Coinbase, similar to Binance from the day before,” said Shubham Hudda, Senior Manager at CoinSwitch Markets Desk.
Other top crypto tokens were also trading higher on Wednesday. Dogecoin and Litecoin rose by over 4%. Meanwhile, BNB, XRP, Solana and Polkadot also traded with gains. The global cryptocurrency market cap was trading lower around $1.13 trillion, rising 3.14% in the last 24 hours.
The market cap of Bitcoin, the world’s largest cryptocurrency, was around $522 billion. Bitcoin’s dominance is currently 46.38%, an increase of 0.61% over the day, according to CoinMarketCap.
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View Details »“BTC is now facing strong resistance near the US$27,400 level and support at the US$26,400 level,” said Edul Patel, Co-founder and CEO at Mudrex.
Rajagopal Menon, Vice President at WazirX said, “Major market oscillators point to a neutral sentiment. The Relative Strength Index (14) sits at 48, with a neutral outlook. The Stochastic %K (14, 3, 3) at 41 and the Average Directional Index (14) at 21 indicate a Neutral outlook as well.
“The MACD Level (12, 26), at −191, indicates Buy. The Stochastic RSI Fast (3, 3, 14, 14) is Neutral at 41 and William’s Percentage indicates Neutral at -50 as well,” Menon added.
Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 11.49 hours, IST on June 7, 2023)
Bitcoin $26,936 4.55%
Ethereum $1,883 3.71%
Tether $1.00 -0.01%
BNB $278 0.42%
XRP $0.5361 4.69%
Cardano $0.3462 -1.52%
Dogecoin $0.06983 4.84%
Polygon $0.8096 -2.69%
Solana $20.2 1.16%
Litecoin $91 3.94%
Polkadot $5.19 2.2%
Tron $0.07728 -1.99%
Shiba Inu $0.00000806 0.49%
(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)
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