Crypto Price Today: Bitcoin trades near $43,000; Ethereum, Solana jump up to 8%
After trading in the red for the first time in 9 weeks, BTC started the 10th week hitting early $40k support levels but bounced soon to test $43.5k. At the same time, BTC has been able to maintain its dominance at 53.5% for the past few days, which is a positive sign for its price action, said CoinSwitch Markets Desk.
The cryptocurrency markets were trading higher on Tuesday, led by gains in Bitcoin, Ethereum, and Solana. The global cryptocurrency market cap also rallied nearly 3.6% to around $1.61 trillion in the last 24 hours.At 12.19 p.m., BTC was trading 4.2% higher at $42,912, while Ethereum was up 3.02% at $2,241.
Other popular altcoin, such as Solana and Cardano, surged 8.2% and 6.4%, respectively. BNB, Avalanche, Polkadot, Chainlink, and Shiba Inu also gained 2-4%.
Crypto Tracker
12.13%
12.08%
11.71%
11.26%
6.41%
(₹)
40,261 (10.0%)
12,376 (5.37%)
328,221 (5.1%)
5,599,006 (1.52%)
83 (0.26%)
Meanwhile, Vikram Subburaj, CEO of Giottus, said, "Bitcoin has bounced by 5% today as market sentiment turns positive on spot ETF approval developments. A Bitcoin rally towards $44,000 is likely by this weekend if it can hold current levels ($43,000)."
The total volume in DeFi is currently $7.39 billion, 11.41% of the total crypto market 24-hour volume. The volume of all stablecoins is now $57.69 billion, which is 89.08% of the total crypto market 24-hour volume.
Bitcoin's dominance is currently 52.1%, according to CoinMarketCap. BTC volume in the last 24 hours rose 37.4% to $25.9 billion.
Tech View on Bitcoin by Sathvik Vishwanath, Co-Founder & CEO, Unocoin
Analyzing the 4-hour chart, a pivot point is noted at Support levels at $40,662, $39,720 and the critical $38,352, corresponding to the 78.6% Fibonacci retracement.
The Relative Strength Index (RSI) at 45 indicates bearish sentiment. Crucially, Bitcoin is hovering around the 50-day EMA at $42,000, a key level that suggests a bullish trend above and a bearish trend below.
Chart patterns highlight the 50% Fibonacci retracement at $40,700; a drop below could lead to $39,785 and $38,350. Despite the cautiously optimistic outlook, careful monitoring of technical indicators for potential trend shifts is recommended.
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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
