Crypto Price Today: Bitcoin rises above $30,400; Polygon, BNB jump up to 9%

He cryptocurrency The market was trading higher on Tuesday, with Bitcoin (BTC) rising 1.23% to $30,476, while Ethereum was above the $1,850 level.

Meanwhile, BTC volume in the last 24 hours stood at approximately $14.59 billion, increasing 66.55% in the last 24 hours.

“Bitcoin continues to consolidate above $30,000 with a quick move towards $31,000 earlier today, followed by a quick pullback. BTC is likely to try to level back again. Breaking the key resistance at $32,400 will be the ultimate goal before that a sustained rally is possible,” said Vikram Subburaj, CEO of Giottus Crypto Platform.

“Ether is currently facing resistance at the 20-day exponential moving average ($1,871), while the bulls attempt to defend the 50-day simple moving average ($1,841). This struggle between buyers and sellers indicates a lack of clear momentum in the market,” the ZebPay Trade desk said.

Other major crypto tokens also traded higher on Monday. bnbPolygon, Solana and Litecoin increased to 9%. The global cryptocurrency market capitalization was trading higher, around $1.19 trillion, up 1.45% in the last 24 hours. The total volume in DeFi is currently 2.14 billion, or 6.62% of the total 24-hour cryptocurrency market volume. The volume of all stablecoins is now at $30.02 billion, which is 93.04% of the total 24-hour volume of the crypto market.

The market capitalization of Bitcoin, the world's largest cryptocurrency, was around $593 billion. Bitcoin dominance is currently at 49.88%, down 0.11% over the day, according to CoinMarketCap. Examining the 4-hour time frame, it is clear that Bitcoin is finding significant resistance at the $30,500 level, bolstered by the double top pattern and the 50-day Exponential Moving Average, said Sathvik Vishwanath, co-founder and CEO from Unocoin.

“Conversely, the $30,000 level serves as strong support, backed by a well-defined trend line. This trend line is expected to resist bearish momentum and prevent a substantial drop,” Sathvik added.

Crypto Cart: Fast Look (Source: coinmarketcap.com, data as of 11:59 a.m. IST Jul 11, 2023)

(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are my own. These do not represent the views of The Economic Times)