Bitcoin and major crypto tokens were sidelined on Friday despite renewed unrest in the US banking sector and slowing growth in the world's largest economy. However, most of the digital tokens were able to maintain their gains. Traders look forward to the US Federal Reserve meeting next week.
Bitcoin continued to rise as the largest crypto asset rose more than one percent to hover around the $29,000 mark. Its largest pair, Ethereum, was flat, almost unchanged, but held the $1,900 level. Action on the altcoin was limited during the early hours of Friday.
The crypto markets have traded sideways in the last 24 hours. BTC is trading in the $29,000 range, up more than a percent in the last 24 hours as unrest in the banking sector resurfaces and slowing US economic growth. ETH is also trading neutral above $ 1,900, said Parth Chaturvedi, crypto ecosystem leader at CoinSwitch
"Investors are looking forward to the upcoming Federal Open Market Committee (FOMC) meeting next week. The general expectation revolves around another but final rate hike by the Fed in the midst of of recession concerns," he said.
Barring the top names, all the top crypto tokens traded with slight gains on Friday. Aside from US dollar-pegged stablecoins and Etheruem, only Shiba and BNB were down as much as 2 percent. Among the winners, Solana jumped about 3 percent while the Avalanche was up 2 percent.
The global cryptocurrency market capitalization was trading quite a bit higher, hovering around the $1.21 trillion mark, as it jumped nearly a percent in the last 24 hours. However, total trade volumes collapsed around 31 percent to $48.42 billion.
A sudden 8 percent drop in Bitcoin on April 26, which pushed the price to $27,242, was followed by a rapid recovery fueled by concerns about the US economy and the banking industry. Bitcoin could potentially break through this level and reach the next resistance level of $30,000, presenting buying opportunities as low as $30,800, said Sathvik Vishwanath, co-founder and CEO of Unocoin.
โThe Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD) and the 50-day exponential moving average indicate an uptrend. The crypto market was very volatile throughout the week, so I liquidated long positions and short, but overall remained bullish. he said.
Giottus Crypto Platform Tech View
Bitcoin (BTC) has been subject to intense volatility of late. On Wednesday night, it was down almost 10% in an hour and has yet to recapture the $30,000 level. While it has technically bounced off its 50 day EMA, it is shaping up to show a potential change in market structure with a lower low.
However, bulls may find this reason to rejoice as BTC has successfully retested both its 50 day EMA and 200 day EMA in 2023. The first time this occurred, it led to a healthy 25% rise. % in the price. Waiting for confirmation of a breakout of the previous high of $31,000 will be ideal to go long here.
main levels
Support: $29,000, $27,350
Endurance: $30,000, $31,000
(Opinions and recommendations provided in this section are those of analysts and do not represent those of Business Today. Please consult your financial advisor before taking any position in any of the listed assets.)
