The cryptocurrency markets were trading higher on Tuesday, led by gains in Bitcoin, Ethereum, BNB and Solana. The global cryptocurrency market cap also rallied nearly 3.6% to around $1.61 trillion in the last 24 hours.

At 12.19 p.m., BTC was trading 4.2% higher at $42,912, while Ethereum was up 3.02% at $2,241.

Other popular altcoin, such as Solana and Cardano, surged 8.2% and 6.4%, respectively. BNB, Avalanche, Polkadot, Chainlink, and Shiba Inu also gained 2-4%.

After trading in the red for the first time in 9 weeks, BTC started the 10th week hitting early $40k support levels but bounced soon to test $43.5k. At the same time, BTC has been able to maintain its dominance at 53.5% for the past few days, which is a positive sign for its price action, said CoinSwitch Markets Desk.

Meanwhile, Vikram Subburaj, CEO of Giottus, said, “Bitcoin has bounced by 5% today as market sentiment turns positive on spot ETF approval developments. A Bitcoin rally towards $44,000 is likely by this weekend if it can hold current levels ($43,000).”The total volume in DeFi is currently $7.39 billion, 11.41% of the total crypto market 24-hour volume. The volume of all stablecoins is now $57.69 billion, which is 89.08% of the total crypto market 24-hour volume.

Bitcoin’s dominance is currently 52.1%, according to CoinMarketCap. BTC volume in the last 24 hours rose 37.4% to $25.9 billion.Tech View on Bitcoin by Sathvik Vishwanath, Co-Founder & CEO, Unocoin

Analyzing the 4-hour chart, a pivot point is noted at Support levels at $40,662, $39,720 and the critical $38,352, corresponding to the 78.6% Fibonacci retracement.

The Relative Strength Index (RSI) at 45 indicates bearish sentiment. Crucially, Bitcoin is hovering around the 50-day EMA at $42,000, a key level that suggests a bullish trend above and a bearish trend below.

Chart patterns highlight the 50% Fibonacci retracement at $40,700; a drop below could lead to $39,785 and $38,350. Despite the cautiously optimistic outlook, careful monitoring of technical indicators for potential trend shifts is recommended.

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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

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