Synopsis
“Bitcoin continued to consolidate below the US$28,000 as investors eagerly await for the Federal Open Market Committee’s meeting next week. BTC’s current support level is situated around US$27,100, while its resistance level is at US$27,650. If the price drops below the support level, it could potentially plummet towards the US$26,500 level,” Edul Patel, Co-founder and CEO at Mudrex, said.
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Explore NowNew Delhi: Most of the cryptocurrencies traded in the red for the fourth consecutive day on Tuesday. Bitcoin (BTC) fell 0.95% to $27,417, whereas Ethereum (ETH) was below the $1,850 level.
“Bitcoin continued to consolidate below the US$28,000 as investors eagerly await for the Federal Open Market Committee’s meeting next week. BTC’s current support level is situated around US$27,100, while its resistance level is at US$27,650. If the price drops below the support level, it could potentially plummet towards the US$26,500 level,” Edul Patel, Co-founder and CEO at Mudrex, said.
Parth Chaturvedi, Crypto Ecosystem Lead at CoinSwitch, said, “ETH is down around 1.9% and is trading in the $1.8k range for the last 24 hours. However, last week’s Ethereum Shanghai upgrade saw a remarkable influx of 571,950 ETH deposits, worth over $1 billion, for staking. This has been the largest weekly token inflow for ETH ever. This surge was largely attributed to institutional staking service providers and investors who reinvested their rewards following withdrawal.”
Other top crypto tokens were also trading lower on Tuesday. BNB, XRP, Cardano, Dogecoin, Polygon and Polkadot declined up to 3%. The global cryptocurrency market cap was trading lower around $1.15 trillion, falling 1% in the last 24 hours.
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View Details »The market cap of Bitcoin, the world’s largest cryptocurrency, was around $530 billion. BTC volume stood at approximately $16.70 billion, rising 20.92% in the last 24 hours. Bitcoin’s dominance is currently 45.97%, rising 0.03% over the day, according to CoinMarketCap.
“Bitcoin has found support at its 50-day EMA and continues to consolidate above $27,000. This week is big for financial markets as multiple global companies (Meta, Alphabet, Amazon etc.) announce their quarterly results. If they beat analyst expectations, crypto prices can bounce back to previous levels quickly. BTC enjoys immediate short-term support at $26,600 in case of a decline,” Vikram Subburaj, CEO of Giottus Crypto Platform, said.
Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 12.02 hours, IST on April 25, 2023)
Bitcoin $27,420 -0.97%
Ethereum $1,830 -1.50%
Tether $1.00 0.02%
BNB $330 -0.12%
XRP $0.461 -2.37%
Cardano $0.3828 -1.73%
Dogecoin $0.0788 -0.46%
Polygon $0.9711 -3.17%
Solana $21.08 -2.28%
Polkadot $5.88 -1.47%
Shiba Inu $0.00001025 -0.88%
Litecoin $87.96 0.24%
Tron $0.06605 -0.39%
(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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