Crypto Price Today: Bitcoin holds $28,000; Ethereum tops $1,850; Altcoins flat
Bitcoin rose almost a per cent on Monday to firmly hold the $28,300 level, while its largest peer Ethereum was also trading in green to hold above $1,850.
After a long and dull weekend, Bitcoin and other crypto assets were almost flat on Monday. The movement in prices was minuscule. The market leader has traded in a very tight range in the last week, barely moving much.
Bitcoin rose almost a per cent on Monday to firmly hold $28,300 levels, while its largest peer Ethereum was also trading in green to hold above $1,850. However, the action in the crypto assets was majorly muted amid the thin trading volumes.
Over the weekend, most cryptocurrencies saw a rise in value due to the non-farm payrolls report indicating an addition of 236,000 jobs to the US economy in the previous month, said Edul Patel, Co-founder and CEO at Mudrex.
“Bitcoin specifically surpassed the $28,000 level, with its support at $27,900 and resistance at $29,200. Meanwhile, Ethereum is trying to reach the $1,900 level and is presently trading at the $1,850 level ahead of the Shanghai update, scheduled on Wednesday,” he said.
Top crypto tokens were trading mixed on Monday. However, the action in the crypto assets was capped. Dogecoin rose more than a percent, whereas Solana was also almost a per cent up. BNB and Avalanche also edged higher. Among the losers, Polygon dropped over a per cent, while XRP also shed a per cent. Polkadot and Cardano were also in the red.
The global cryptocurrency market cap was trading slightly higher, hovering around $1.18 trillion, rising less than half a per cent in the last 24 hours. However, the total trading volumes spiked almost 11 per cent to $29.98 billion.
If Bitcoin is able to break through its current resistance level, we may see a significant price increase, potentially reaching $28,900 or even $29,250, said Sathvik Vishwanath, Co-Founder & CEO, Unocoin.
“On the other hand, if the current downturn continues, we can expect significant support around $26,500 and $25,500. As of now, Bitcoin is trading at around $28,200, Ethereum at $1,852 and BNB at $312, with market sentiment remaining cautiously optimistic,” he said.
Tech View By Giottus
The new Luna (ticker: LUNA / LUNA2) coin has seen a steep decline in value over the weekend, going from a high of $1.5 to a low in the vicinity of $1.3 in the early hours of Monday. The drop comes amidst news about its founder Do Kwon’s impending extradition and allegations that he converted funds to Bitcoin.
The drop is fairly technical, too, with rejection coming off a major confluence of its 50-day moving average, the .236 fib retracement of its range in 2023, and a long-term trendline. The bearish argument is strong – LUNA did fail to register a new high and register a market structure change. However, the $1.3 level is strong support and this could be a healthy pullback that propels LUNA to new highs. This range may present a buying opportunity.
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