At 11:33 am, BTC was trading 0.2% lower at $42,757, while the second most popular token, Ethereum, was down 1.3% at $2,529. At the same time, the global cryptocurrency market capitalization decreased by 0.63% in the last 24 hours to approximately $1.68 trillion.
"The overall crypto market is at $1.68 trillion and Bitcoin and Ether are witnessing a marginal fluctuation from the previous day. If Bitcoin closes above $43,000 this week, then we may witness a healthy rise in its price in the coming weeks," said Shivam Thakral, CEO of BuyUcoin.
Meanwhile, ZebPay Trade Desk said: "This drop in bitcoin price It coincided with U.S. investors' shift toward institutional investment products following the approval of spot ETFs. โLong liquidations totaling more than $27 million occurred in the 24 hours of January 17, with Bitcoin long liquidations accounting for the majority, wiping out $19.5 million.โ
Other major altcoins, such as Polygon and Toncoin, fell 3% and 4.5%, respectively. Also, BNB, XRP, Dogecoin, Polkadot, Chainlink, Internet Computer and Shiba Inu declined. The total volume in DeFi is currently $4.96 billion, 9% of the total 24-hour volume of the crypto market. The volume of all stablecoins is now $50.67 billion, accounting for 92.02% of the total 24-hour volume of the crypto market.
Bitcoin dominance is currently 49.83%, according to CoinMarketCap. BTC volume in the last 24 hours fell 15% to $20.3 billion. Vikram Subburaj, CEO of Giottus, said: "Bitcoin continues to consolidate above $42,500. Given BTC's RSI of 45, this is likely to continue before it retests the critical level of $44,000."
Meanwhile, CoinDCX said: "From a technical perspective, there is a notable bullish indicator with the 50-week simple moving average (SMA) crossing above the 200-week SMA, a first in recorded history. However, upon examination closer, the previous weekly close appears bearish, contributing to mixed signals."
"Most importantly, the $40,000 to $41,000 range serves as a significant support level for BTC. Meanwhile, ETH has maintained its position above $2,500. Attention is now focused on targets of $2,660 (local resistance ) and $2,940," he said.
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(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. They do not represent the views of The Economic Times)
