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Bitcoin and other top crypto tokens were trading lower on Monday, drifting downward after recent recovery over the weekend. During the last month, bitcoin has primarily been in consolidation mode. Health of the global economy is likely to guide the investors’ sentiments in the near term.
Bitcoin was drifting downward once again after weekend recovery as the largest crypto token dropped 2 per cent to remain below $27,000-mark. Its largest peer Ethereum was also down about a per cent but managed to hold $1,800-levels. Other altcoins were in deep red.
Bitcoin traded at the $27,000 level over the weekend, however, it has since been down as the market prepares for a news-heavy week in the US Investors and traders should closely monitor these events as they could potentially influence the market sentiment. We might see some volatility in the market this week, said Edul Patel, CEO and Co-founder at Mudrex.
“Bitcoin is currently trading at the $26,650 level, with its support at $26,200 and resistance at $27,000. On the other hand, Ethereum is trading at the $1,800 level. If buyers can hold the price above the current level, there is a possibility to see a short rise,” he added.
All the top crypto tokens, including stablecoins, were trading lower on Monday. Solana dropped over 3 per cent, while Tron, Dogecoin and Polygon posted similar cuts during the early hours. Shiba Inu, XRP, Avalanche and Polkadot declined 2 per cent each.
The global cryptocurrency market cap was trading lower, falling down to $1.12 trillion-mark as it dropped almost 2 per cent in the last 24 hours. However, the total trading volumes jumped more than 22 per cent to $21.30 billion.
Bitcoin miners sold 2,000 coins worth $55 million in 24 hours as investors focus on a key support level for a potential bounce, said Sathvik Vishwanath, Co-Founder & CEO at Unocoin.
Image: Crypto-chart-price
Tech View by Giottus Crypto Platform BNB (BNB), has declined by almost 1.5% over the last 24 hours. Despite the continued fall over the last few days, BNB may not have found the local bottom yet, at $300. The asset is trading in an ‘Descending Channel’.
The price has continued to hold above the 200-day MA, but has failed to breach the 100-day MA at $315 which acts as a pivotal resistance point and a break above this could lead towards $330 levels. On the other hand, $290 serves as a support level with the $265 zone providing the final line of defence, beyond which BNB might experience a sharp decline. The RSI slope continues to slump towards the oversold zone reflecting an increase in the underlying bearishness.
Major Levels: Support: $290, $265 Resistance: $315, $330
(Views and recommendations given in this section are the analysts’ own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.)
Copyright©2023 Living Media India Limited. For reprint rights: Syndications Today
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