Crypto market rebounds as Bitcoin recovers from Iran-Israel tensions
However, Bitcoin was last 2% higher at $65,466 in Monday's trading, after falling below $62,000 on Sunday.
Other major crypto tokens such as Ethereum (4.9%), Solana (8.8%), Toncoin (15%), (4.7%), and Avalanche (5.3%) also surged.
Edul Patel, CEO of Mudrex, said, "Bitcoin experienced a dip to $62,000 before recovering to $65,000 over the weekend due to heightened liquidations and escalating geopolitical tensions between Iran and Israel."
"Bitcoin has been consolidating within the $60,000 to $73,000 range since the past few days. However, bulls are defending the $60,775 level. The immediate support of Bitcoin lies at the $64,500 level and the resistance is at the $67,900 level," Edul added.
Meanwhile, CoinDCX Research Team, said, "With the Bitcoin halving approaching, we may see increased volatility in the market."
The global market cap rose by 2.31% to around $2.38 trillion in the last 24 hours.
The total volume in DeFi is currently $10.06 billion, 8.84% of the total crypto market 24-hour volume. The volume of all stablecoins is now $104.98 billion, which is 92.20% of the total crypto market 24-hour volume, as per data available on CoinMarketCap.
In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, rose to $1.307 trillion. Bitcoin's dominance is currently 54.09%, according to CoinMarketCap. BTC volume in the last 24 hours fell 27.45% to $42.56 billion.
This year's jump in oil prices has further raised worries of more upward pressure on inflation. Israel has said it could strike Iran if it launched an attack from its territory following the killings of Iranian generals in a blast at the Iranian consulate in Syria.
Brent crude climbed above $92 for the first time in nearly six months on Friday. It has since pulled back to $90.30.
Tech view by ZebPay Trade Desk
Bitcoin after making the new all-time high of $73,777 witnessed some profit booking and the prices corrected almost by 17% and dropped to $60,775. The bulls defended the key support level of $60k and the prices rallied back up to the $70k mark. However, the asset struggled to sustain above the $70k mark and witnessed another minor correction.
The prices made a weekly low of $60,660. BTC is trying to take good support at the key level of $60,000. If it holds and sustains above the support then we may expect the bulls to resume the up move. However, to witness another rally, BTC has to break, close and sustain above the all-time high of $73,777.
Key Levels:
Support 1: $60,000
Support 2: $56,000
Resistance 1: $69,500
Resistance 2: $73,777
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Source: Forex-Markets-Economic Times
