Crypto Analyzer

Cryptocurrency Market Sees a Decline as Bitcoin and Ethereum Slip

The cryptocurrency market experienced a decline in Monday’s trading session, with Bitcoin slipping 2.3% to $62,300 and Ethereum falling 4.3% to $3,170. This drop contributed to the global cryptocurrency market cap decreasing by 2.94% to approximately $2.31 trillion over the last 24 hours.

Shivam Thakral, CEO of BuyUcoin, commented on Bitcoin’s current price momentum, attributing it to low demand from Spot ETFs and negative investor sentiment following the halving event. He noted the importance of the $59,600 level as a critical support for Bitcoin and suggested that a break above $65,000 could pave the way for a rise to $68,000 and ultimately $71,000.

Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, pointed out that a bearish trend appears to be forming for Bitcoin, with immediate resistance seen around $63.4k. Other major cryptocurrencies like BNB, Solana, XRP, Dogecoin, Toncoin, Polkadot, Shiba Inu, and Avalanche also experienced declines.

The market cap of Bitcoin, the largest cryptocurrency by market capitalization, dropped to $1.227 trillion within the last 24 hours, with Bitcoin’s dominance currently at 53.15%. The total volume of stablecoins reached $52.74 billion, representing 90.58% of the total crypto market’s 24-hour volume.

Moving forward, the CoinDCX Research Team highlighted the potential impact of macroeconomic events, such as the Fed’s fund rate and unemployment rate announcements, on increasing market volatility. Edul Patel, CEO of Mudrex, identified the support and resistance levels for Bitcoin at $62,500 and $64,200, respectively.

It is essential to note that the views and opinions expressed by experts are their own and do not necessarily reflect the views of The Economic Times.