The cryptocurrency market was trading mixed in Monday’s trade amid profit booking in the primary crypto tokens. Bitcoin, Ethereum, Solana, Cardano, and Tron traded in the red, while BNB, XRP, Dogecoin, Chainlink, and Toncoin were in the green.
“The Bitcoin traders liquidated their positions as they would not meet the margin requirements as the Bitcoin process went up and then retreated shortly after Bitcoin ETF listings. The market is expected to remain volatile in the coming weeks owing to the macroeconomic conditions,” said Shivam Thakral, CEO of BuyUcoin.
At 12:19 p.m., Bitcoin (BTC) traded 0.6% lower at $42,667, while Ethereum (ETH) was down 1.6% at $2,513. Altcoins, such as Toncoin and BNB, surged 13.2% and 4.5%, respectively.
“BTC price experienced unexpected lows after the approval of the spot ETF, but the bullish performance of altcoins may signal an early reversal. The anticipation surrounding spot Bitcoin exchange-traded funds generated significant excitement, yet the failure to lead to a sharp upward movement may have prompted traders to take profits. This resulted in a sharp pullback to $41,500,” said ZebPay Trade Desk.
“Bitcoin’s recent price action has been volatile, and the inability to sustain prices above $48,000 may have tempted short-term traders to book profits, triggering a sharp fall on Jan. 12. The 20-day exponential moving average ($43,933) is starting to decline, and the RSI is just below the midpoint, indicating that bears are attempting a comeback,” it said.
Meanwhile, CoinDCX Research Team said, “Over the weekend, the crypto market was quiet with low trading volume. From a technical perspective, BTC experienced a drop to $42,000 levels after reaching a new high at $49,000. It appears bearish to neutral as it is trading below the 20 EMA Daily. The current and $41,000 levels are crucial for BTC to maintain; otherwise, a bearish scenario could unfold.”ETH has recently showcased strength relative to BTC following a substantial rally.
Currently, ETH is consolidating, which is considered a healthy pattern. The critical level for ETH is $2,450, which needs to remain above this level. The local resistance for ETH is at $2,660,” CoinDCX said. In Monday’s trade, the global cryptocurrency market cap fell 0.32% to around $1.68 trillion in the last 24 hours.
Bitcoin’s dominance is currently 49.78%, according to CoinMarketCap. BTC volume in the last 24 hours surged 17.5% to $19.84 billion.