At 12:31 p.m., BTC was trading 1.9% lower at $41,163, while the second most popular token, Ethereum, was down 1.6% at $2,178.
Shivam Thakral, CEO of BuyUcoin, said: โAs we approach the festive season, we can expect some drop in trading activity, so the market may remain at the current levels.โ
Meanwhile, Edul Patel, CEO of Mudrex, said: "After a weekend of profit-taking, Bitcoin is consolidating above the $40,000 level, with the potential to move towards $42,700 if buyers hold the control".
"The absence of clear dominance by buyers or sellers, combined with the rate positioned far from support and resistance levels, suggests that BTC could trade sideways between $41,000 and $43,000 in the coming days," Edul said. Other popular altcoins such as Shiba Inu and Avalanche fell 6% and 5%, respectively. Also, BNB, XRPCardano, Solana, DogecoinTron, Polkadot, Chainlink, Polygon and Toncoin declined.
The total volume in DeFi is currently $6.82 billion, 13.29% of the total 24-hour volume of the crypto market. The volume of all stablecoins is now $46 billion, representing 89.64% of the total 24-hour cryptocurrency market volume. Bitcoin dominance is currently 51.77%, according to CoinMarketCap. BTC volume in the last 24 hours increased by 33.3% to $18.8 billion.
ZebPay Trade Desk Technical View
The eight-week winning streak for BTC appears to be coming to an end as the price has fallen almost 4% this week. While this recent weakness suggests traders are booking profits, it does not alter the near-term uptrend. The pullback is considered a corrective measure, alleviating any excessive market exuberance that may have built up.
Additionally, the recent wave of Bitcoin Ordinals signups has resulted in high transaction fees for all network users. This development indicates an increase in mining revenues, which include block subsidies and USD fees. Notably, these income levels reflect those seen when Bitcoin reached its current all-time high of $69,000 in November 2021.
Bitcoin, after breaking through the key resistance of $28,500, witnessed a strong rally and prices surged almost 56.5% to $44,700. After this move, the asset made some gains at higher levels and prices fell to $40,222. Currently, BTC is consolidating and trading from $40,500 to $43,000. The asset has strong support at the psychological level of $40,000. If it holds above the support, then we can expect the bulls to resume the upward movement. $48,000 will act as a strong resistance for the asset.
(You can now subscribe to our ETMarkets WhatsApp Channel)
(Disclaimer: Recommendations, suggestions, views and opinions provided by experts are their own. They do not represent the views of Economic Times)
