Snapping a two-day losing streak, major cryptocurrencies traded higher on Wednesday, led by gains in Bitcoin, Ethereum and Solana.

Meanwhile, the global cryptocurrency market cap surged 2.2% to around $1.43 trillion in the last 24 hours.

At 11.56 a.m., BTC was trading 2.85% higher at $38,031, while the second most popular token, Ethereum, was up 2.4% at $2,051. Solana also surged over 7% to $58.32.

Positive sentiments prevailed in the market as Bitcoin breached the $37,800 threshold. This price movement could reflect that market participants have now absorbed the news about the recent leadership change at Binance, restoring bullish confidence in their investments, said Edul Patel, CEO of Mudrex.

Other popular altcoins, such as Dogecoin, Chainlink, and Avalanche, surged 4-5%. Also, BNB, XRP, Cardano, Tron, Polygon, Litecoin, and Shiba Inu rose 2-3%.The total volume in DeFi is currently $4.74 billion, 9.19% of the total crypto market 24-hour volume. The volume of all stablecoins is now $46.95 billion, which is 90.96% of the total crypto market 24-hour volume.

In the last 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, fell to $743 billion. Bitcoin’s dominance is currently 51.99%, according to CoinMarketCap. BTC volume in the last 24 hours surged 18.3% to $22.4 billion.Bitcoin, in the last 24 hours, has showcased a bullish momentum again and went on to surpass the $38k psychological resistance. While the path to $41k may not have a lot of resistance now, traders may begin to undergo bearish sentiments. However, from a historical lens, the last bull run also started during November-December after showing a negligible pullback for 6 months in a row, said CoinSwitch Markets Desk.

Tech view on Bitcoin by Sathvik Vishwanath, Co-Founder & CEO, Unocoin
The 4-hour chart reflects a delicate balance between bullish and bearish sentiment, with the $36,950 pivot point that Bitcoin has tentatively breached, indicating a potential market move.

Immediate resistance levels lie at $37,986, $38,429 and the more ambitious $39,066, while support is at $36,399 and $35,722. The chart shows an ascending channel formation, indicating a steady uptrend along the lower support trendline. Given the RSI and EMA, there is cautious optimism for continued upward momentum.

Overall, the trend is bullish and short-term forecasts call for a resistance test at $37,986. Holding support above the pivot and 50 EMA could pave the way for a challenge of higher resistance zones, especially the $38,000 level, which will attract further buying interest towards $39,000.

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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

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