Bitcoin and other crypto tokens were mixed on Thursday but broke above key psychological levels as the euphoria over Ripple's partial legal victory and Bitcoin ETFs faded. The digital asset market is waiting for economic data and key events to take a decisive direction.
Bitcoin extended its decline for another day, but the largest crypto token edged lower to remain below the $30,000 mark. However, its largest pair, Ethereum, was trading slightly higher but could not break above the $1,900 level. The price in the action altcoins was mixed during the first day.
The crypto market has continued to operate in a tight trading range. The crypto fear and greed index has returned to the neutral zone after losing 6 points; the current score is 50/100. Bitcoin, for another day, traded flat while altcoins saw some significant developments, said Shubham Hudda, a senior manager at the CoinSwitch Markets Desk.
โPolygon continues to strengthen further. On the TradFi front, the US Federal Reserve has launched a long-awaited FedNow service that will be similar to India's UPI. The Fed has also confirmed after launching this service that it is not related to a โdigital currency,โ he added.
The major crypto tokens traded mixed on Friday, with a positive bias. Among the gainers, Polkadot was up about 8 percent, while Toncoin gained about 4 percent. Dogecoin and Polygon were down 2 percent each. On the downside, XRP fell 5 percent, followed by a 4 percent drop in Solana and Cardano each.
The global cryptocurrency market capitalization traded flat and continued to hold at $1.21 trillion as it declined marginally, less than one percent, in the past 24 hours. However, total trade volumes fell more than 6 percent to $30.87 billion.
Bitcoin dominance is near its 1-month low as investors are shifting their focus to smaller, riskier tokens. One such token is XRP, which has surpassed Bitcoin in trading volume after a court ruling found it to be non-security, CoinDCX's research team said.
Giottus Crypto Platform Tech View
Ethereum (ETH) is in an uptrend and bearish momentum with the asset trading above its 50-day exponential moving average. ETH is consolidating between the $1880 and $1950 range, where it is facing immediate resistance. If the price successfully breaks through this, it could drive the asset towards the next resistance at $2,000.
Furthermore, the 14-day RSI (at 51) indicates neutral sentiment. These values โโsuggest that the consolidation may continue in the near term if ETH holds the support level of $1875. On the downside, if ETH fails to hold the $1,850 support level, it could encounter renewed selling pressure.
Main levels:
Support: $1,875, $1,850
Resistance: $1,950, $2,000
(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.)
