Bitcoin surges amid rising geopolitical concerns; Ethereum and Altcoins experience mixed performance

On the other hand, Ethereum was down 0.4% at $3000. BNB (-1.1%), XRP (-1.5%), Cardano (-1%), Shiba Inu (-0.7%), and Avalanche (-1%), Tron, Polkadot were also trading in the red.

Edul Patel, CEO of Mudrex, said, "With increasing geopolitical tension between the two countries investors are moving risk-off sentiment in financial markets seeking safer investments. Additionally, US Fed Chair Jerome Powell signaled delayed interest rate cuts further adds pressure."

Meanwhile, CoinDCX Research Team, said, "Market sentiment is volatile due to updates on the Iran-Israel conflict, so traders should exercise caution."

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Currently, the total volume in DeFi stands at $7.01 billion, representing 7.15% of the total 24-hour volume in the crypto market. Concurrently, the volume of all stablecoins amounts to $91.99 billion, constituting 93.88% of the total 24-hour volume in the crypto market, as per data available on CoinMarketCap.

In the last 24 hours, the market cap of Bitcoin, the world's largest , rose to $1.22 trillion. Bitcoin's dominance is currently 53.97%, according to CoinMarketCap. BTC volume in the last 24 hours increased 4.5% to $44 billion.

Shivam Thakral, CEO of BuyUcoin, provided insight, stating, "Over the last few hours, $34.03 million in Bitcoin long positions have been liquidated. But the overall sentiment remains bullish as on-chain metrics show that over $1.7 billion worth of BTC have been accumulated by holders in the last few days."

Tech view by Sathvik Vishwanath, Co-Founder & CEO of Unocoin
The technical analysis reveals that Bitcoin is facing challenges, with a pivot point at $62,216 and resistance levels at $64,606, $67,695 and $70,959. Support levels are at $59,418, $56,271 and $53,182.

The Relative Strength Index (RSI) at 40 indicates potential oversold, while the 50-day EMA at $65,415 acts as resistance. Bitcoin outlook remains bearish below $62,216 with a possible shift to bullish sentiment if this line is breached.

(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