Bitcoin and other digital tokens were trading mixed during early trading hours on Monday, after a rally over the weekend. The crypto market held its ground amid the banking crisis around the world, but traders will be closely watching the US Federal Reserve rate hike and subsequent comments.
Bitcoin was trading strongly above $27,000, up around 25 percent in the past week. Its largest pair, Ethereum, however, underperformed, gaining just 10 percent in the past week, hovering around the $1,750 mark. Altcoins were trading on mixed signals.
Over the weekend, Bitcoin remained above the $28,000 threshold, and although it has declined slightly today, it is still trading above $27,000. The global cryptocurrency market is valued at $1.17 trillion, which which represents an increase of 1.18% in the last 24 hours, said Edul Patel, co-founder and CEO of Mudrex.
โThe last time Bitcoin traded above the $28,000 range was in June 2022. It is up 101 percent from its low cycle in January. With instability in the banking sector, higher than expected inflation data and renewed confidence in a moderate federal government Reserve, Bitcoin has reached levels not seen in about nine months," he said.
Major and popular crypto tokens traded with mixed signals on Monday. However, the moments were mostly limited on both sides. Among the gainers, Solana gained around 5 percent, while XRP jumped 3 percent. Among the losers, Polygon lost 4 percent, followed by Shiba Inu and Polkadot.
The global cryptocurrency market capitalization was trading slightly higher at $1.16 trillion, rising nearly a percent in the last 24 hours. However, total trading volumes were up more than 10 percent to close to $68.61 billion.
Bitcoin is experiencing a bit of a dip, with the cryptocurrency currently trading at $27,200, showing an uptrend and could potentially break the resistance level of $27,740, leading to price moves towards the $29,000 or $30,700 levels. said Sathvik Vishwanath, Co-Founder and CEO. , Unocoin.
โEthereum, on the other hand, is experiencing strong buying interest. Several altcoins posted big gains, while others were trading lower,โ he said.
Bitcoin (BTC) is currently trading around $28,000, having seen an impressive 50% rise in the last 10 days. This bullish surge began as BTC rallied from its 200-day moving average, breaching several resistance levels along the way.
These include the gold pocket at $26,662 (now acting as solid support), the 50-day moving average at $23,393, and an ascending trend line that has held since October of last year. BTC's dominance has increased significantly as alternatives bleed against the main asset.
The next targets to watch are the Fibonacci resistance levels at $28,799 and $32,429. Also, the psychological barrier of $30,000 can prove to be a challenging milestone.
On the other hand, BTC's 200-day moving average is currently at $19,935, significantly below its current value. This could suggest that BTC is overbought. Bitcoin's RSI around 70 further supports this notion.
Major Levels
Resistance: $28,799, $30,000, $32,429
Support: $26,662, $25,950, $23,949
