Other crypto tokens such as Cardano, Dogecoin, and Solana fell up to 1.07%.
ETH was trading at $1,582.98, up 0.33% while Dogecoin was at $0.06067, lower by 0.17%.
Cryptocurrencies have an inverse relationship with the US dollar. The dollar index was trading at 104.67 with a slightly negative bias.
In the last seven days, Bitcoin has gained by 0.57% while ETH is down by 2.28% during this period, Rajagopal Menon, Vice President, WazirX on the Crypto Market said. “The Exponential Moving Average for 10-day EMA indicates ‘Buy’ in BTC at $25,858 and 200-day EMA indicates ‘Sell’ at $27,005. Meanwhile, 10-day SMA indicates ‘Buy’ at $25,817 and 200-day SMA indicates ‘Sell’ at $27,655,” Menon said.Edul Patel, CEO & Co-Founder of Mudrex attributes the price surge in Bitcoin above $25,900 to renewed interest in the Bitcoin Spot ETF race. He said that Franklin Templeton, a major player in the asset management industry, has submitted an application to the US SEC, which could have caused this positive market sentiment. “Notably, the number of wallets holding 0.1 BTC reached an all-time high of 12 million recently, which suggests growing trust among investors in Bitcoin. Ethereum, on the other hand, continues to trade around the $1600 mark,” Patel said.
Among the top gainers, MKR rose 125%, followed by OMG with a 35% increase, ZIL with 26%, REEF with 10% and BTG with an 8% gain, Sathvik Vishwanath, Co-Founder & CEO, Unocoin informed while highlighting biggest losers as ENS which is down 69%, WAVES down 64%, COTI down 38%, GNS down 28% and REP down 26%.On the strategy front, Vishwanath said, “Bitcoin technical analysis reveals strong bullish trend. Primary technical indicators such as Relative Strength Index (RSI) and Moving Average of Convergence (MACD) indicate a favorable buying zone. Additionally, the 50-day exponential moving average supports a continued bullish trajectory as long as Bitcoin remains above $25,600. A decline below this level could test the support at $25,400 and the critical $24,950 level. Conversely, a break above the $26,500 resistance may target the $27,000 and $27,500 levels”.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)