At 11:30 am, Bitcoin was trading 0.6% lower at $66,290 after a drop to the $64,500 region, while Ethereum was down 1.8% at $3,302.
Meanwhile, the cryptocurrency market decline was also influenced by recent US economic data, particularly strong manufacturing sector and labor market readings, which have raised the possibility of the Federal Reserve postponing the rate cuts.
Cryptocurrency tracker
"Bitcoin's drop below $65,000, marking its lowest point since March 24, comes amid a rise in the dollar index driven by strong data from US factories," said Edul Patel, CEO from Mudrex."Bitcoin's ability to maintain levels above $65,000 is crucial to mitigating further declines, and a breakout could lead to a decline towards $63,500. Conversely, breaching the $68,000 threshold could pave the way for Bitcoin to target to the resistance zone of $71,000," Edul added. , CoinDCX Research Team, said: "In the last 24 hours, the crypto market experienced a slowdown without a clear catalyst. Factors such as BTC ETF Outflows and a large transfer of seized BTC by the US government contributed to the drop. "The global cryptocurrency market capitalization fell by 0.36% to around $2.5 trillion in the last 24 hours. The total volume in DeFi is currently $12.06 billion, 9.66% of the total volume The volume of all stablecoins is now $116.84 billion, accounting for 93.54% of the total 24-hour cryptocurrency market volume, according to data available on CoinMarketCap. .
In the last 24 hours, the market capitalization of Bitcoin, the world's largest cryptocurrency, fell to $1.3 trillion. Bitcoin dominance is currently 52.15%, according to CoinMarketCap. BTC volume in the last 24 hours fell 10.3% to $46.7 billion.
"Bitcoin technical indicators reflect the current market conditions. The hourly MACD shows a loss of momentum within the bearish zone. The BTC/USD hourly RSI has fallen below the 50 fundamental level, indicating a possible bearish trend "Major support levels are identified at $65,200 and $64,500 while notable resistance levels are situated at $66,000, $67,200 and $67,950. Traders are closely monitoring these levels for possible market moves," Rajagopal said. Menon, vice president of WazirX.
(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. They do not represent the views of The Economic Times)
