Bitcoin jumps above $57K as markets hope for dovish stance from Powell

At 12:58 PM, Bitcoin (BTC) was trading 2.7% higher at $57,268, while Ethereum surged 5.3% to $3,071. Meanwhile, the global cryptocurrency market cap also gained by 3.8% to around $2.12 trillion in the last 24 hours.

In Monday's trade, Bitcoin had fallen to the $55,000 level after the German government transferred 16,309 Bitcoin from its holdings to crypto exchanges and market makers.

"Bitcoin has recovered partially and is currently trading above $57,000. Its daily chart shows a pattern of lower highs and lower lows, with strong support around $55,000. Every dip below $56,000 is met with strong buying activity and a spike in volume," said Vikram Subburaj, CEO of Giottus Crypto Platform.

The CoinDCX Research Team commented, "Despite selling pressure from the German government moving BTC to exchanges, the crypto market has shown resilience with positive returns in the last 24 hours. Technically, BTC needs to reclaim $58,500 for a bullish sign, while ETH needs to stay above $2,875."

Other prominent cryptocurrencies, including BNB, Solana, XRP, Toncoin, , Cardano, Tron, Shiba Inu, Polkadot, and Polygon, surged by up to 7%.

The volume of all stablecoins is now $82.4 billion, which is 93.63% of the total crypto market 24-hour volume, according to CoinMarketCap.

In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, rose to $1.127 trillion. Bitcoin's dominance is currently 53.55%, according to CoinMarketCap. BTC volume in the last 24 hours surged 36.6% to $35.9 billion.

Tech view by Rajagopal Menon, Vice President, WazirX

Technical indicators show that the hourly MACD is losing pace in the bearish zone, suggesting weakening downward momentum. The hourly RSI for BTC/USD has risen above the 50 level, indicating increasing buying interest. Major support levels are at $55,500 and $54,500, while resistance levels stand at $57,650 and $58,500. This suggests that Bitcoin is poised for potential upward movement if it can overcome these resistance points.

(Disclaimer: The views expressed by experts are their own and do not necessarily reflect those of The Economic Times)

Source: Forex-Markets-Economic Times