Bitcoin and other cryptocurrencies were trading mixed on Thursday as rising interest rates and macroeconomic factors put market sentiments on edge. US Securities and Exchange Commission (SEC) Chairman Gary Gensler continued his combative stance against cryptocurrencies in testimony before Congress on Wednesday.
Bitcoin managed to post some gains as the largest crypto token added about half a percent but managed to hover around $26,500 levels. However, its largest pair, Ethereum, rose by around a percent to break back above the $1,600 mark. Price action in altcoins remained mixed.
Currently, Bitcoin is priced above the $26,300 mark. This rise coincides with the US Dollar Index hitting a new 10-month high at 106.48. Meanwhile, Ethereum has been hovering around the $1,600 threshold. In other news, Ethereum has reached a notable milestone by surpassing $10 billion in revenue in seven years, said Edul Patel, co-founder and CEO of Mudrex.
All major crypto tokens traded mixed on Thursday. Among the gainers, Toncoin jumped more than 2 percent each, while Solana added around 1 percent each. In contrast, Litecoin, XRP and Polygon lost around one percent each, while BNB and Dogecoin lost half a percent each.
The global cryptocurrency market capitalization was trading slightly higher, falling to $1.05 trillion, while rising around half a percent in the past 24 hours. However, total trading volumes increased more than 48 percent to $28.87 billion.
Bitcoin showed a small increase in the last 24 hours for a brief period before facing resistance at its 50-DEMA. Markets are demanding a $30,000 level for BTC soon. However, a support level of $26,000 must be held to expect bullish movement in the near term, said Shubham Hudda, senior manager at CoinSwitch Markets Desk.
"Terra's LUNA has been pumping. This price action is attributed to the LUNA community approving a proposal that makes them move away from minting new USTC stablecoins, which was supposed to be the stablecoin of the Terra Luna ecosystem ", said. aggregate. "This comes after its founder Do Kwon's lawyers responded to his extradition request from US authorities."
Image: Crypto Chart Price
WazirX Trade Desk Technical View
Bitcoin Cash (BCH) is a decentralized cryptocurrency designed as a peer-to-peer electronic cash system, striving to establish itself as a trusted global currency with fast transactions, minimal fees, enhanced privacy features, and a larger block size. This cryptocurrency operates without the need for trusted third parties due to its permissionless nature.
Image: Graphic-BTCash
On the daily chart, the BCH/USDT trend has broken out of its consolidation phase as the chart breaks out of a long-standing triangle pattern with significant buying volumes. The daily price momentum indicator or RSI crossed 65 for the first time in almost 3 months. Next resistance is expected at 250 USDT and immediate support at 207 USDT.
(The opinions and recommendations provided in this section are those of the analysts and do not represent those of Business Today. Please consult your financial advisor before taking any position in the assets mentioned.)
