Crypto Price Today: Bitcoin rises 1%, trades near $70K; Cardano, Solana fall up to 1.5%

Analyst Edul Patel, CEO of Mudrex said that Bitcoin has still not acquired enough strength to make a sharp move, though its gains over a 1-year period remain significant at 147%. If Bitcoin can maintain its upward trajectory beyond the present threshold, it could signal a marginal advantage for bullish sentiment.

In his view, the resistance in Bitcoin looms at $70,200-$73,000 levels while support rests at $67,500 and If BTC can maintain its upward trajectory beyond the present threshold, it would be a signal for marginal bullish sentiments.

Parth Chaturvedi, Investments Lead, CoinSwitch Ventures said that BlackRock's addition of Goldman Sachs, Citigroup, UBS, Citadel Securities, and ABN AMRO as authorised participants for the iShares Bitcoin Trust has stirred significant volatility in BTC prices over the weekend.

He said that the US labor market continues to demonstrate resilience, with the government reporting the addition of 303,000 jobs last month. This robust job growth has contributed to a drop in the unemployment rate for March, which fell to 3.8%, surpassing expectations of 3.9% and these figures indicate a robust economy, which will typically result in higher inflation, increased interest rates, and decline in risk assets, including crypto.

With less than 2 weeks left before Bitcoin halving, the largest crypto can pick up momentum and experience significant volatility, Shivam Thakral, CEO of BuyUcoin opined. In his view, the crypto total market cap is $2.59 trillion which could grow faster as soon as Bitcoin makes a new all-time high.

Over the weekend, Bitcoin finally hit the $70,000 resistance and is now retesting this level.

(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