“Bitcoin has traded below the US$28,000 zone in the past 24 hours as investors await fresh productivity and jobs data in the US this week. The immediate support lies at the US$27,500 level, while the resistance is at the US$28,100 zone and the trendline,” Edul Patel, Co-founder and CEO at Mudrex, said.
Other top crypto tokens were also trading lower. Dogecoin declined over 7%. Shiba Inu, Solana and BNB were also trading lower. The global cryptocurrency market cap was trading lower around $1.16 trillion, falling 2.27% in the last 24 hours.
The total volume in DeFi is currently 3.62 billion, 10.61% of the total crypto market 24-hour volume. The volume of all stablecoins is now $29.78 billion, which is 87.42% of the total crypto market 24-hour volume.
The market cap of Bitcoin, the world’s largest cryptocurrency, was around $536.28 billion. Bitcoin’s dominance is currently 46.21%, down 0.16% over the day, according to CoinMarketCap.
“Bitcoin’s current price is $27,600 and hovers around a key trading range of $28,200 to $28,900. A definitive breakout from this range will play a significant role in determining the future direction of Bitcoin’s price,” Sathvik Vishwanath, Co-Founder & CEO of Unocoin, said.
Rajagopal Menon, Vice President at WazirX, said, “Major market oscillators point to a neutral sentiment. The Relative Strength Index (14) sits at 62.71, with a neutral outlook. The Stochastic %K (14, 3, 3) and the Average Directional Index (14) indicate a Neutral outlook as well at 69.33 and 38.60 respectively.”The MACD Level (12, 26), at 1198.04, indicates Sell. The Stochastic RSI Fast (3, 3, 14, 14) and the Williams Percent Range (14) continue to be Neutral at 30.11 and −41.78, respectively,” Menon added.