Meanwhile, the global cryptocurrency market capitalization decreased by 1.12% to around $1.65 trillion in the last 24 hours.
At 11:48 am, BTC was trading 1.15% lower at $42,774, while Ethereum was down 2.2% at $2,234.
"Bitcoin is trading around the $43,000 mark, having recently tested the $42,600 area where bullish activity was evident. A break beyond the $43,600 level could push BTC towards $44,300 and support now lies at the $42,600 level," said Edul Patel, CEO of Mudrex.
CoinSwitch Markets Desk said: "After hitting its 18-month high on December 8, BTC has been continuously consolidating in a fairly tight range with both bulls and bears idly waiting for a breakout on both ends. While the bears were waiting A Christmas Correction, no such major move was seen as BTC continues to honor the bullish trend it has maintained throughout 2023. "Altcoins, such as Solana and XRP they rose 1% and 0.9%, respectively. However, BNB, Cardano, Avalanche, Polkadot, Tron, and Shiba Inu fell between 1% and 3%.
Solana has attracted significant investments over the past week due to its continued growth in the DeFi and NFT ecosystem, Edul said. Vikram Subburaj, CEO of Giottus Crypto Platform, said: Solana's impressive rally has extended with the token targeting $120, a level not seen since April 2022. SOL, fueled by a thriving ecosystem, is now the fourth largest crypto asset. large by market capitalization.
The total volume in DeFi is currently $7.58 billion, 10.95% of the total 24-hour volume of the crypto market. The volume of all stablecoins is now $61.47 billion, representing 88.73% of the total 24-hour volume of the crypto market.
Bitcoin dominance is currently 50.61%, according to CoinMarketCap. BTC volume in the last 24 hours increased by 25.66% to $23.81 billion.
Technical view of Sathvik Vishwanath, co-founder and CEO of Unocoin
Bitcoin's current technical landscape is complex and marked by cautious anticipation among investors. The crucial BTC/USD pivot point at $42,797 means possible price changes. Resistance at $45,038, $46,704, and $48,945 is critical to Bitcoin's upward trajectory. Support at $41,162, $38,891 and $37,256 aims to mitigate potential declines.
The Relative Strength Index (RSI) at 44 indicates bearish sentiment without reaching oversold territory, leaving room for a rebound. The moving average convergence divergence (MACD) at -111.85 aligns with a bearish outlook.
However, Bitcoin's position relative to the 50-day EMA ($43,313) adds complexity, suggesting a near-term uptrend if it holds. The break of the triple bottom at $43,445 hints at potential bearish momentum, but a break could signal a bullish reversal.
(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. They do not represent the views of The Economic Times)
