As of 11:45 AM IST, Bitcoin was down 0.8% at $65,701, while Ethereum dropped below the $3,450 level.
Shivam Thakral, CEO of BuyUcoin, said, “The crypto market has seen a massive amount of liquidations recently, primarily due to the US Fed’s hawkish stance. We can expect continued market volatility due to uncertain macroeconomic factors.”
“Bitcoin has dropped below $66,000, erasing its weekly gains. BTC’s price action points to further downside in the near term, with crucial support at $63,000. Altcoins will continue to lose ground against Bitcoin if this trend continues,” said Vikram Subburaj, CEO of Giottus.
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Other altcoins and meme coins also declined: BNB (1.5%), Solana (4.8%), Toncoin (5.4%), Dogecoin (7.5%), Cardano (6.4%), and Shiba Inu (9%).
According to CoinMarketCap, the volume of all stablecoins is now $89.84 billion, which is 92.87% of the 24-hour volume of the total crypto market.
In the last 24 hours, the market cap of the world’s largest cryptocurrency Bitcoin fell to $1.295 trillion. According to CoinMarketCap, Bitcoin dominance is currently at 54.82%. BTC volume increased by 103% to $36.25 billion in the last 24 hours.
Technical view from Rajagopal Menon, VP of WazirX:
BTC has slipped below the crucial support levels of $66,500 and $65,500. Currently, Bitcoin is experiencing a slight uptrend above the $65,000 level. The price managed to climb above the 23.6% Fibonacci retracement level from the recent downward move. It is facing an immediate resistance near the $66,000 level. Further resistance is expected at $66,500.
Additionally, the RSI for the BTC/USD pair is now below the 50 level, indicating weakening bullish momentum, at least temporarily.
(Disclaimer: Views expressed by experts are their own and do not necessarily reflect the views of the Economic Times)
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