Bitcoin and other crypto tokens were mixed on Wednesday as the traders looked for the decisive cues. The range-bound movement continued in the digital market in the absence of key economic events. However, the optimism over Bitcoin ETFs supported the sentiments. Bitcoin weakened further but managed to recover from the sharp losses as the largest crypto token held above $30,000-mark. However, Its largest peer, Ethereum, was slightly up and firmed above $1,900-level. Price in the action altcoins was mixed during the early hours. Bitcoin experienced a temporary decline to the $29,800 level, but it quickly recovered and surpassed the $30,000 mark for the second consecutive day. Although BTC has been down for three consecutive days, it has shown an impressive year-to-date gain of over 84 per cent, said Edul Patel, Co-founder and CEO at Mudrex. “Despite efforts from bears to push BTC lower, the bulls are determined to keep it above the $30,000 threshold. In contrast, XRP has outperformed BTC by maintaining its winning streak for a third day, with gains of over 9 per cent in the past 24 hours and more than 70 per cent in the past week. Additionally, Ethereum has also remained above the $1,900 level,” he added. Top crypto tokens were trading mixed on Wednesday. Among the gainers, XRP surged about 10 per cent, while Cardano and Bitcoin Cash were up 4 per cent each. Litecoin gained 2 per cent. On the contrary, Avalanche and Polygon were down 3 per cent each, while Polkadot shed over 2 per cent. The global cryptocurrency market cap was trading slightly higher, rising to $1.21 trillion-mark, as it advanced marginally, less than a per cent in the last 24 hours. However, the total trading volumes dropped about 7 per cent to $32.78 billion. Crypto markets were little changed but investors remained optimistic about the prospects of Bitcoin exchange-traded funds (ETFs), the SEC recently approved a second spot Bitcoin ETF application for review from asset manager Valkyrie, following the approval of a similar application from BlackRock the previous week, said CoinDCX Research Team. “This signals that the SEC is open to the idea of spot Bitcoin ETFs, which could provide a major boost to the crypto market. Glassnode reported that the largest number of unspent transaction outputs (UTXOs) were created at a price of $30,200. This suggests that there is significant demand for BTC at this level, despite the recent price volatility,” it added.
Tech View by Giottus Crypto Platform Polkadot (DOT) has been rejected at the $5.5mark and has retraced towards the $5.2 level.Additionally, there has been a slight decrease in demand this week though accumulation has been recovering marginally, which is a positive sign for the altcoin’s price.
Its Bollinger Bands are currently narrow as the price volatility increases near the $5.2 mark and show convergence below indicator’s mean line. The indicator’s bottom line provides support at $4.9 while the upper limit presents a resistance level at $5.5. However, if price breaks below $5, it signals resumption of downtrend with immediate support near $4.85 range. Major Levels: Support: $4.85, $4.6 Resistance: $5.5,$5.85 (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.)
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