As of 1:02 pm IST, Bitcoin was trading 1.2% higher at $57,195, while Ethereum had surged 1.3% to $2,414. Other notable gains included Solana up 2.8%, Dogecoin rising 2.4%, Cardano by 1.5%, Avalanche by 1.7%, Shiba Inu by 2.6%, and Litecoin leading with a 4.3% increase.
Edul Patel, CEO of Mudrex, commented, “Bitcoin is currently consolidating, trading between $55,000 and $65,000. With the next support level at $55,200 and resistance at $58,800, traders are watching these levels closely for potential breakout signals.”
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Meanwhile, Vikram Subburaj, CEO of Giottus, said, “Bitcoin is trading above $57,000 after posting a mild recovery today. BTC’s RSI and MACD also point to muted buyer sentiment. This could signal a period of continued consolidation before Bitcoin can reclaim $60,000.”The global cryptocurrency market capitalization increased by 0.91% to $2 trillion over the last 24 hours. Despite this rise, the Fear & Greed index declined to 34. Avinash Shekhar, CEO and Co-Founder of Pi42, advised, “Traders should remain cautious and use less leverage until clearer signs of market recovery emerge.”The volume of all stablecoins is now $60.24 billion, 92.96% of the total crypto market 24-hour volume, as per data available on CoinMarketCap.In the last 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, rose to $1.13 trillion. Bitcoin’s dominance is currently 56.33%, according to CoinMarketCap. BTC volume in the last 24 hours fell 7.7% to $30.4 billion.Sathvik Vishwanath, Co-Founder & CEO of Unocoin, added, “Bitcoin is currently testing daily support at $56,022. A close below this level could signal a further decline to around $54,000. The Relative Strength Index (RSI) and Awesome Oscillator (AO) are both below their neutral levels, indicating weak momentum and a likely continuation of the downtrend. Conversely, if Bitcoin breaks above $59,560 and closes above $62,019, the 61.8% Fibonacci retracement level, the bearish outlook may be invalid, potentially allowing Bitcoin to rise by 5.5% and approach resistance at $65,379.”
(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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