Bitcoin edged up by nearly 1.2% to reach $73,032 in Thursday’s trading session. However, it retraced some of its gains after reaching a fresh record high of $73,640 within the last 24 hours.
Meanwhile, the global cryptocurrency market cap surged 0.9% to reach around $2.75 trillion in the last 24 hours.
Other popular crypto tokens such as BNB (13.8%), Solana (9.6%), Dogecoin (7%), Avalanche (4.1%), Polygon (3.6%), and Shiba Inu (1.3%) surged. On the other hand, Ethereum, XRP, Toncoin, and Uniswap declined.
Crypto Tracker
51,304 (13.82%)
13,944 (10.34%)
6,083,530 (1.24%)
330,002 (-1.66%)
“The positive momentum in the market is attributed to growing interest in Bitcoin spot ETFs and approaching Bitcoin halving event, which has historically impacted the price of Bitcoin,” said Edul Patel, CEO of Mudrex.However, amid the ongoing rally in Bitcoin and other crypto tokens, some market analysts are advising investors to maintain a cautious approach. The fear and greed index currently sits at 91, signaling extreme greed in the market.”With another day of BTC hitting all-time highs, the fear and greed index has now moved into the extreme greed category, meaning a correction is due and sooner or later the bears are going to have a good day at the market,” said CoinSwitch Markets Desk.The total crypto market volume over the last 24 hours is $137.8 billion, which makes a 13.2% decrease. The volume of all stablecoins is now $124 billion, which is 90.3% 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, surged to $1.436 trillion. Bitcoin’s dominance is currently 52.12%, according to CoinMarketCap. BTC volume in the last 24 hours fell 20.7% to $48 billion.
Regarding the future target price of BTC, Vikram Subburaj, CEO of Giottus, stated, “Bitcoin is gunning for $75,000 this week as net daily inflows into spot ETFs touch $1 billion. Having formed strong support at $68,000, any profit-taking is met with strong buying activity even as Bitcoin’s supply dries up ahead of its halving.”
Tech view by Sathvik Vishwanath, Co-Founder & CEO, Unocoin
Bitcoin jumped to around $73,000, supported by a solid base with a pivot point at $70,013 and resistance levels between $73,824 and $79,904. Key support levels at $67,154, $64,861 and $62,192 offer a safety net against potential downside.
Technical indicators, including the relative strength index (RSI) of 71 and the 50-day exponential moving average (EMA) at 68,547, indicate strong buying interest, reinforced by bullish candlestick patterns. A break above $72,000 could sustain the bullish trend, while a break below could prompt a re-evaluation.
However, caution is advised if the price drops below $72,000, potentially signaling a shift in trend despite the current optimism.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)