Bitcoin was up 2.5% at $27,119 as of 1:18 p.m., while Ethereum was above the $1,150 level.
“Bitcoin surpassed the $27,000 mark due to several factors, including a rise in stock markets and upcoming options expiring on Friday, coupled with reduced overall economic pressures,” said CoinDCX Research Team.
Meanwhile, Edul Patel, CEO & Co-founder of Mudrex, said, “Bitcoin’s value climbed beyond the $27,200 threshold on Friday before stabilizing above the $26,900 level. This upward shift may be attributed to Valkyrie Funds LLC, an investment management firm, obtaining regulatory clearance from the Securities and Exchange Commission (SEC) to introduce Ethereum futures to its current Bitcoin futures exchange-traded fund.”
This price fluctuation coincided with a minor recovery in US stock markets, as the 10-year Treasury yield retreated from a 16-year high, Edul said.In today’s trade, Solana and Tron surged over 4%, while XRP, Cardano, Dogecoin, Polygon, and Litecoin rose up to 3%.
The total volume in DeFi is currently $2.72 billion, 8.8% of the total crypto market 24-hour volume. The volume of all stablecoins is now $29 billion, which is 93.77% of the total crypto market 24-hour volume.Bitcoin’s dominance is currently 49.01%, according to CoinMarketCap. Meanwhile, BTC volume in the last 24 hours stood at approximately $14.3 billion, rising 10.9% in the last 24 hours.
Tech view by Sathvik Vishwanath, Co-Founder & CEO, Unocoin
On the 4-hour chart, Bitcoin’s pivot point is $26,629. Immediate resistance is at $27,100, followed by $27,958 and $28,438. The support levels are $25,772, $25,283, and $24,426.
Technical indicators show the RSI at 67, near overbought, and the MACD signals potential momentum shifts. A short-term bullish trend is seen above the 50-day EMA at $26,500, with a strong uptrend line at $26,000.
Bitcoin is testing critical resistance at $27,100, key for buyer sentiment. With no major news, the trend remains bullish, but a break below $27,000 could turn bearish. Traders should keep a close eye on the $27,100 resistance for short-term moves.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)