The crypto tokens were trading lower in Wednesday’s trade. Bitcoin (BTC) fell 0.70% to $29,132, whereas Ethereum (ETH) was below the 1,850 level. BTC volume stood at approximately $13.2 billion, rising 8.9% in the last 24 hours.

Meanwhile, the global cryptocurrency market cap was trading lower, around $1.15 trillion, falling 1.43% in the last 24 hours.

“Bitcoin has been trading above the $29000 level. This might be attributed to the U.S. retail sales report for July, which indicates a growth of 0.7%, surpassing the predicted rise of 0.4%. Additionally, Europe‚Äôs First Spot Bitcoin ETF Listed in Amsterdam yesterday,” said Edul Patel, Co-founder and CEO at Mudrex.

On Wednesday, the market cap of Bitcoin, the world’s largest cryptocurrency, was around $566 billion. Bitcoin’s dominance is currently 49.06%, according to CoinMarketCap.

“Bitcoin’s recent movement has been between $29,600 and $29,150, indicating volatility. A breach could dictate its price trajectory. A break below $29,200 could lead to support at $29,000 and $28,750, which would maintain the bearish trend. Conversely, a break above $29,600 could push it to $29,800, with $30,000 and $30,200 providing significant resistance. Traders should watch $29,250 and $29,600 for potential trends,” Sathvik Vishwanath, Co-Founder & CEO of Unocoin said.Rajagopal Menon, Vice President at WazirX, said, “Major market oscillators point to a Buy sentiment. The Relative Strength Index (14) sits at 45, with a neutral outlook. The Stochastic %K (14, 3, 3) at 39 and the Average Directional Index (14) at 13 indicate a Neutral outlook.”

“The MACD Level (12, 26), at -85, indicates Buy. The Stochastic RSI Fast (3, 3, 14, 14) is Neutral at 34 and William’s Percentage too indicates a Neutral sentiment at -65.” Menon added.Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 11.57 hours, IST on August 16, 2023)

Bitcoin $29,132 -0.70%
Ethereum $1,821 -1.06%
Tether $0.9987 -0.01%
BNB $234 -1.84%
XRP $0.6023 -4.12%
Cardano $0.2796 3.31%
Dogecoin $0.07069 -4.92%
Solana $23.45 -6.09%
Polygon $0.63 6.58%
Litecoin $78.4 -3.91%
Polkadot $4.8 -3.36%
Tron $0.07643 -1.03%

Shiba Inu $0.00000992 -2.8%

(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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