Bitcoin and other crypto tokens started the new month on a weaker note as investors weighed recent events โ bank failures, inflation, and crypto-focused regulatory actions โ that could push prices higher or drag them lower.
Bitcoin declined around 3 percent to fall below the $28,000 mark after a decent rally in recent sessions. Its largest pair, Ethereum, declined more than 2 percent to break below the $1,800 level. Among altcoins, meme tokens were the furthest behind.
Bitcoin is trading below the $28,000 mark in the last 24 hours as investors eagerly await new US productivity and employment data this week. Bitcoin experienced a correction after breaching the $28,500 resistance level over the weekend, with immediate support at $27,500 and resistance at $28,100, said Edul Patel, co-founder and CEO of Mudrex.
โMeanwhile, Ethereum is currently trading at the $1,700 level, and developers anticipate the next Shanghai upgrade on April 12. This upgrade will mark the full transition from Ethereum to PoS,โ he said.
Except for the US dollar-pegged stablecoins, all other major crypto tokens traded at big cuts on Monday. Dogecoin fell as much as 8 percent, followed by a 6 percent drop in Shiba Inu. Avalanche and Solana are down 5 percent each, while Polkadot and Cardano are down 3 percent each.
The global cryptocurrency market capitalization was trading significantly lower at $1.16 trillion, falling more than 2 percent in the past 24 hours. However, total trade volumes increased more than 11 percent to $33.46 billion.
Bitcoin hovers around a key trading range of $28,200 to $28,900. A definitive breakout of this range will play a significant role in determining the future direction of Bitcoin's price, said Sathvik Vishwanath, co-founder and chief executive officer of Unocoin.
Technological view of Giottus Crypto Platform
Hedera (HBAR) is hovering around $0.070, after experiencing a 4% drop the day before, but still boasting a remarkable 100% growth year-to-date.
HBAR recently faced stiff resistance and was rejected from its gold pocket (sitting at $0.077), after trading mostly within an uptrend line and its 200-day moving average (sitting at $0.058) throughout March. Supported by its 50-day moving average (currently at $0.069), HBAR looks set for another chance to test the gold pocket.
Additional support can be found at the 0.5 Fib level at $0.067. For the bulls, claiming the golden pocket should be the first target, followed by challenging the Fibonacci resistance at $0.085. Bears should aim to drag HBAR below its 50-day moving average and further down to the 0.067 Fibonacci support level.
Major Levels
Resistance: $0.074, $0.077, $0.085
Support: $0.069, $0.067, $0.058
(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.)
