Cryptocurrency market sees decline as Bitcoin and Ethereum slip

"Bitcoin failed to continue the relief rally after it crossed $67,000 briefly last week. Bitcoin’s current price momentum could be linked to low demand from Spot ETFs and negative sentiment among investors expecting a potential post-halving crash," said Shivam Thakral, CEO of BuyUcoin.

"$59,600 is an important level bulls need to defend to prevent further downsides. A strong break and close above $65,000 could clear the path for a rise to $68,000 and then to $71,000," said Thakral.

Meanwhile, Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, said, "There seems to be a bearish trend forming for BTC, and we can expect some slow-moving days ahead. Immediate resistance is around $63.4k."

Other major crypto tokens such as BNB (-2.2%), Solana (-5.2%), XRP (-3.4%), (-5%), Toncoin (-4.7%), Polkadot (-5.2%), Shiba Inu (-5.3%), and Avalanche (-4.4%) also declined.

The volume of all stablecoins is now $52.74 billion, which is 90.58% 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, declined to $1.227 trillion. Bitcoin's dominance is currently 53.15%, according to CoinMarketCap. BTC volume in the last 24 hours rose 19.3% to $21 billion.

Regarding the future price movements of cryptocurrencies, the CoinDCX Research Team noted, "This week's macroeconomic events, such as the Fed's fund rate and unemployment rate announcements, could potentially increase market volatility."

On the technical front, Edul Patel, CEO of Mudrex, said, "Bitcoin has been range-bound between $60,000 and $70,000 level since a while now. The support lies at the $62,500 level and the resistance is at the $64,200 level."

(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