At 10:29 am IST, Bitcoin decreased by 0.8% to $95,148, while Ethereum fell by 0.6% to $2,678. Over the last 24 hours, the global crypto market capitalization decreased by 1.6%, reaching $3.13 trillion.
“Bitcoin is trading around $95,100, rebounding from a low of $93,380 amidst escalating trade tensions. Trump’s proposal to impose reciprocal tariffs on all major U.S. trading partners has created a sense of caution among investors,” commented Alankar Saxena, CTO and Co-Founder of Mudrex.
Crypto Tracker
Saxena further noted, “Bitcoin faces resistance at $96,600. If it manages to maintain this level, it could potentially make a move towards $99,000.”Avinash Shekhar, Co-founder & CEO of Pi42, highlighted, “The derivatives market is impacting Bitcoin’s short-term price fluctuations, particularly influenced by CME premium movements. Significant buy orders could initiate the next substantial price shift, reinforcing market resilience.”
Also Read: Why Bitcoin’s decline presents a chance for retail investors
Other notable altcoins experienced declines, with XRP falling 4%, Solana decreasing by 4.75%, Dogecoin down by 1.5%, and Cardano losing 7.3%. Chainlink, Stellar, Avalanche, Sui, Toncoin, Hedera, and Shiba Inu also registered declines, with losses ranging from 2% to 6%.
In the past 24 hours, Bitcoin’s market cap fell to $1.886 trillion. Bitcoin’s dominance now sits at 60.36%. During this time, BTC trading volume surged by 48% to $38.9 billion. Meanwhile, stablecoins made up $102.11 billion of this volume, representing 94.18%, according to CoinMarketCap.
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Technical Analysis by Sathvik Vishwanath, Co-Founder & CEO, Unocoin
Bitcoin remains in a consolidation phase, with traders implementing a buy-the-dip strategy. Strong support is found in the $88,000 to $90,000 range, with a breakdown below potentially resulting in a sharp selloff. Should prices rebound from this zone, further accumulation is anticipated.
A breakout above the 50-day EMA could indicate an upward trajectory towards $110,000, though surpassing this level to reach $130,000 may prove challenging. Market sentiment is influenced by U.S. crypto regulations and the Federal Reserve’s stringent monetary policies.
Traders are on high alert, monitoring key developments that could dictate Bitcoin’s next move. For the moment, the market remains in a wait-and-see posture, anticipating clearer signals.
(Disclaimer: Recommendations, insights, views, and opinions expressed by the experts are their own and do not reflect the views of The Economic Times)
