Meanwhile, the global cryptocurrency market cap declined by 0.09% to around $2.42 trillion over the last 24 hours.
Bitcoin was up 0.1% at $66,241 as of 11:45 am IST, while Ethereum was above the $3,550 level.
Rajagopal Menon, Vice President of WazirX, said, “Bitcoin price volatility is currently influenced by the recent decision of the Federal Open Market Committee (FOMC), which is set to maintain the target range for the federal funds rate, thereby reducing market volatility.”
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“Bitcoin’s nearest support level is at $64,825, while the next resistance point is at $66,978. The overall sentiment in the market points towards greed,” said Edul Patel, CEO of Mudrex.
According to CoinMarketCap, the volume of all stablecoins is now $44.12 billion, which is 90.87% of the 24-hour volume of the total crypto market.
Over the past 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, rose to $1.304 trillion. According to CoinMarketCap, Bitcoin dominance is currently at 54.07%. BTC volumes rose 26.8% to $16.37 billion over the past 24 hours.
“Bitcoin price remains below its 50-day moving average, a technical indicator that signals a possible downside in the near future. BTC is still above the 200-day moving average, indicating a potential long-term bullish outlook,” said WazirX’s Rajagopal.
He added, “If Bitcoin can break above the 50-day barrier, it could trigger a rally toward the key resistance level of $69,000. If Bitcoin drops below $65,000, it could signal a further decline toward the crucial support level of $64,000.”
(Disclaimer: Views expressed by experts are their own and do not necessarily reflect the views of the Economic Times)
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