Cryptocurrency price on July 16: Bitcoin holds at $63,000 level, Altcoins trade mixed

Bitcoin was up 0.07% at $62,957 as of 11:59 a.m. IST, while Ethereum remained above the $3,350 level. Earlier in the day, Bitcoin briefly reached $65,000 following an incident involving Donald Trump, which increased the chances of his potential win in the US presidential election. This development is seen as positive for the crypto space, as Trump is a known crypto supporter.

"Bitcoin surged past $65,000 as Donald Trump's chances of winning the upcoming November election improved, boosting BTC's price. The market also gained optimism from the news that spot Ether ETFs will start trading next Tuesday," said Edul Patel, CEO of Mudrex.

CoinSwitch Markets Desk, said, "BTC bounce back post Trump's assassination attempt continues as BTC posted a third straight green candle with little resistance to offer till 70k USD. However, we might see some profit booking at 65k USD given it is an important liquidity zone for the world's largest crypto."

The volume of all stablecoins is now $82.45 billion, which is 92.16% 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, rose to $1.242 trillion. Bitcoin's dominance is currently 53.76%, according to CoinMarketCap. BTC volume in the last 24 hours rose 44.6% to $38 billion.

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

BTC's resistance levels are at $65,500, $67,250, and $69,000, supported by strong technical trends like the Relative Strength Index (RSI) signaling buying opportunities.

The 50-day Exponential Moving Average (EMA) also backs an upward trajectory. Entry points above $63,500 are advised, targeting gains towards higher resistances. Continued market support suggests potential for further price increases in Bitcoin.

(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