As of 11:41 pm IST, Bitcoin was up 0.6%, trading at $67,433, having earlier reached a high of $68,375. Ethereum gained 0.17%, rising to $2,623.
Among other major cryptocurrencies, BNB, XRP, Dogecoin, and Tron surged by up to 4%. Conversely, Solana, Toncoin, Cardano, Avalanche, Polkadot, and Shiba Inu fell by up to 2.5%.
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“Bitcoin has stabilised around $67,500 after testing the $68,000 resistance level. With market sentiment improving, Bitcoin could be gearing up for a move towards $70,000. The next resistance for BTC is at $68,600, while support is at $66,400,” said Edul Patel, CEO of Mudrex.CoinDCX Research Team noted, “Bitcoin’s price experienced a significant bullish push during the past trading day, elevating levels above $68,300. The price attempted to breach $68,400 multiple times but failed, as the shorts liquidity pool accumulates around $68,600, suggesting a potential short squeeze could occur soon.”
“After multiple failed attempts, the resistance appears to be weakening, indicating that a breakout from the broadening wedge to the upside could elevate the price closer to $90,000,” they added.The volume of all stablecoins is now $73.14 billion, which is 90.78% 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 $1.332 trillion. Bitcoin’s dominance is currently 57.53%, according to CoinMarketCap. BTC volume in the last 24 hours declined 24.75% to $36.91 billion.
“Bitcoin is eyeing $67,500 after a prolonged 220-day downtrend, indicating a rebuilding of investor confidence. The Fear and Greed Index remains steady at 71 in the ‘Greed’ zone. With the upcoming U.S. election just 20 days away, this will likely be a significant driver for the next bull run,” said Avinash Shekhar, Co-Founder and CEO of Pi42.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)