Cryptocurrency Price on May 14: Bitcoin rises above $62.4k; Solana, Shiba Inu jump up to 7%

Meanwhile, the global cryptocurrency market cap also surged by 2.7% to approximately $2.29 trillion within the last 24 hours.

As of 12:14 p.m., Bitcoin was trading 2.4% higher at $62,473, while Ethereum experienced a 1.9% rise to $2,935. Additionally, altcoins such as Solana (6.6%), XRP (1.2%), (7.1%), Shiba Inu (6.9%), Polkadot (2%), and NEAR Protocol (10%) followed suit in the downward trend.

"Bitcoin has reclaimed $62,000 and is showing early signs of a continued rally. A short period of consolidation is possible before Bitcoin retests its 50-day MA at $65,200," said Vikram Subburaj, CEO of Giottus.

Meanwhile, Shivam Thakral, CEO of BuyUcoin, said, "Currently, Bitcoin needs to break the $64,000 resistance level for it to rise further. The lower support level for Bitcoin in the near term could be around $60,000 level."

The volume of all stablecoins is now $64.06 billion, which is 91.57% 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 $1.213 trillion. Bitcoin's dominance is currently 53.84%, according to CoinMarketCap. BTC volume in the last 24 hours rose 66% to $28.9 billion.

"Technical analysis suggests a bearish trend with resistance at $63,824 and support at $60,185. The Relative Strength Index (RSI) suggests neutral to bearish sentiment and highlights the significance of the $61,764 threshold for market direction," said Sathvik Vishwanath, Co-Founder & CEO of Unocoin.

Rajagopal Menon, Vice President of WazirX, said, "Finding support at EMA100, BTC faces short-term resistance at $61,490, $62,680, and $63,161, with support levels at $60,338, $60k, and EMA200 at $53,087."

(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