The cryptocurrency cart was trading sideways Wednesday on the back of the profit reserve after a decent rally in recent days. The mixed move in the other riskier assets kept crypto traders on the hook ahead of key inflation data scheduled for this week.
The largest crypto token, Bitcoin broke above the $23,000 level but was at $22,500 comfortably. Ethereum also lost around 6 percent to fall below the $1,600 mark.
Over the past 24 hours, most cryptocurrencies have seen a slight decline as markets prepare for the release of US GDP numbers on Thursday and consumer confidence data on Friday, Edul said. Patel, CEO and co-founder of Mudrex.
โBitcoin is currently trading at $22,500 with support at $22,450 and resistance at $22,600. Ethereum has also slowed down, trading at $1,500. A break above the $1,600 level could fuel bullish sentiment,โ he said.
Major crypto tokens saw big cuts on Wednesday, following profit booking after recent firm gains. Avalanche and Solana were down 9 percent each, while Shiba Inu and Polkadot were down 8 percent each. Cardano and Dogecoin lost 9 percent each.
The global cryptocurrency market capitalization was trading down at $1.02 trillion, slumping about 4 percent in the past 24 hours. However, total trading volumes were flat, up about one percent, to close to $56.94 billion.
The recent bullish trend in cryptocurrencies is attributed to institutional investors adding to their holdings in anticipation of another bull run and the falling value of the US dollar that supports the price of cryptocurrency, said Sathvik Vishwanath, co-founder and chief executive officer. from Unocoin.
"Both short- and long-term investors are benefiting from the recent price rise. However, the rising number of COVID-19 cases in China and Gemini's downsizing by laying off 10 percent of its workforce may affect the crypto market in the future," he added.
Major world updates
Sushi community token holders voted on two separate proposals that aim to strengthen the decentralized finance (DeFi) service's treasury and long-term staying power.
Porsche is halting minting of its first collection of non-fungible tokens (NFTs), the German sports car maker announced on Twitter, after receiving negative feedback from its community.
Fractal, the platform for gaming-related non-fungible tokens (NFTs) developed by Twitch co-founder Justin Kan, is expanding to the Polygon network to boost accessibility.
Giottus Crypto Platform Tech View
Bitcoin (BTC) is the leading crypto asset that enables peer-to-peer transactions without the need for a central authority. The total supply of BTC is capped at 21 million, and each one of them has been trading significantly higher this month. BTC is trading slightly above $22,500 today, after briefly breaking above $23,000. It is up almost 40% since the beginning of the year.
Having hit a 5-month high on Saturday, BTC has been consolidating over the past three days. With a ton of support ahead, including short-term support at $22,500 and FIB support at $21,500, the bulls seem to have the upper hand for now. If BTC manages to reclaim the resistance at $23,133, the key $25,000 mark should be its next target.
BTC's 50-day and 200-day moving averages (at $18,000 and $19,600, respectively) are well below its current price, indicating that it might be overbought. However, all correction attempts have been thwarted so far, as BTC currently tests a support resistance flip at $22,500.
main levels
Resistance: $23,133, $25,000, $25,200
Support: $22,500, $21,500, $20,000
(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.)
Also read: Crypto Price Today: Bitcoin Surpasses $23,000; crypto m-cap remains above $1 trillion
