Bitcoin jumps above $64,000 on Fed rate cut hopes; Toncoin, Polkadot climb up to 7%

In addition, several other popular also experienced gains, with BNB rising by 1.9%, Solana by 2.8%, XRP by 1.3%, Dogecoin by 2.2%, by 6.8%, Shiba Inu by 1.4%, and by 4.5%.

The 's employment report showed the U.S. economy added fewer jobs than expected, while the unemployment rate ticked higher and wage growth unexpectedly cooled.

Edul Patel, CEO of , said, "Bitcoin bounced back to $64,000 after hitting the lowest at $56,000 level the last week. Bitcoin saw a rise after the US April jobs report arrived cooler than expected."

"The immediate resistance lies at the $64,500 level, while the support lies at the $62,400 level. It is likely that we might see Bitcoin trading sideways between $62,000 and $66,000 this week," Edul said.

Similarly, Parth Chaturvedi, Investments Lead at , remarked, "The has bounced back from last week's dip, driven by the recent US jobs data indicating a slower economy than forecasted. A slowing economy typically leads to decreased inflation and lower interest rates. appears to be consolidating around $64k, with the $65k level remaining a key resistance."

The volume of all stablecoins is now $44.5 billion, which is 90.46% of the total crypto market 24-hour volume, as per data available on .

In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, rose to $1.265 trillion. Bitcoin's dominance is currently 53.23%, according to CoinMarketCap. BTC volume in the last 24 hours fell 7.7% to $18.2 billion.

Tech view by Sathvik Vishwanath, Co-Founder & CEO,

Technical analysis indicates bullish momentum, supported by breaching the 50-day EMA at $61,999 and a "three white soldiers" candlestick pattern.

Key resistance levels at $66,796 and $69,328 are potential targets, with $61,735 serving as crucial support. Despite a descending channel of around $63,200, a breakout could drive Bitcoin towards higher resistances. Support levels at $59,550 and $56,625 provide stability on the downside.

The RSI at 61 suggests further upside potential without being overbought. Overall, Bitcoin appears strong, particularly if it maintains levels above $64,365.

(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