Major crypto tokens were trading mixed with a negative bias in Tuesday’s trade. Bitcoin, Solana, Avalanche, Chainlink, Polygon, and Internet Computer were trading in the red, while Ethereum, BNB, XRP, Cardano, Dogecoin, Tron, Polkadot, Toncoin, and Shiba Inu were trading in the green.

At 12:25 p.m., Bitcoin was trading 0.9% lower at $51,926, while Ethereum was up 0.34% at $2,931. Meanwhile, the global cryptocurrency market cap fell 0.1% to around $1.98 trillion in the last 24 hours.

“Following a test of the $52,000 resistance, Bitcoin is currently consolidating around $51,700 as market participants booking profits. The immediate resistance stands at $52,200, while failure to surpass it could see support at the $51,300 level,” said Edul Patel, CEO of Mudrex.

Meanwhile, Vikram Subburaj, CEO of Giottus, said, “Bitcoin is consolidating below $52,000 after encountering resistance at that level. A quick rally towards $53,000 is possible this week as market makers look to invalidate sizable shorts in the market. Wider stock market sentiment may affect crypto this week including NVIDIA’s much anticipated quarterly report.”

Among top altcoins, Solana, Avalanche, Internet Computer, and Chainlink were the top losers, falling 1-4%. The total volume in DeFi is currently $6.59 billion, 9.38% of the total crypto market 24-hour volume. The volume of all stablecoins is now $62.94 billion, which is 89.63% 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, increased to $1.02 trillion. Bitcoin’s dominance is currently 51.54%, according to CoinMarketCap. BTC volume in the last 24 hours rose 13.7% to $21.7 billion.

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

Technical analysis reveals that Bitcoin faces resistance at $52,779, with support at $50,355. The Relative Strength Index (RSI) suggests a neutral market, but uncertainty remains. While Kiyosaki’s optimism inspires excitement, market sentiment remains cautious, with bitcoin’s direction below the key $52,780 level uncertain.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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