Bitcoin and other crypto tokens kicked off the new month on a weaker note as investors weighed recent events – bank failures, inflation and crypto-focused regulatory actions – that could push prices higher or drag them down.
Bitcoin declined about 3 per cent to slip below the $28,000 mark after a decent rally in the last few sessions. Its largest peer, Ethereum declined over 2 per cent to break below the $1,800 level. Among altcoins, meme tokens were the biggest laggards.
Bitcoin trades below the $28,000 mark in the last 24 hours as investors are eagerly awaiting new productivity and jobs data in the US this week. Bitcoin saw a correction after surpassing the US$28,500 resistance level over the weekend, with immediate support at $27,500 and resistance at $28,100, said Edul Patel, Co-founder and CEO at Mudrex.
“Meanwhile, Ethereum is currently trading at the US$1,700 level, with developers anticipating the upcoming Shanghai update on April 12. This update will mark Ethereum’s full transition to PoS,” he said.
Barring the US dollar-pegged stablecoins, all other top crypto tokens were trading with big cuts on Monday. Dogecoin plunged as much as 8 per cent, followed by a 6 per cent fall in Shiba Inu. Avalanche and Solana declined 5 per cent, each, while Polkadot and Cardano were down 3 per cent, each.
The global cryptocurrency market cap was trading significantly lower at $1.16 trillion, dropping more than 2 per cent in the last 24 hours. However, the total trading volumes jumped more than 11 per cent to $33.46 billion.
Bitcoin hovers around a key trading range of $28,200 to $28,900. A definitive breakout from this range will play a significant role in determining the future direction of Bitcoin’s price, said Sathvik Vishwanath, Co-Founder and CEO at Unocoin.
Hedera (HBAR) is hovering around $0.070, having experienced a 4% drop in the past day but still boasting a remarkable 100 per cent growth year-to-date.
Recently, HBAR faced tough resistance and got rejected at its golden pocket (located at $0.077), after primarily trading within an upward trendline and its 200-day moving average (sitting at $0.058) throughout March. With the support of its 50-day moving average (presently at $0.069), HBAR seems ready for another shot at testing the golden pocket.
Additional support can be found at the 0.5 Fib level at $0.067. For the bulls, claiming the golden pocket should be the first goal, followed by challenging the Fibonacci resistance at $0.085. Bears should aim to drag HBAR below its 50-day moving average and further down to the 0.067 Fib support level.
Major Levels
Resistance: $0.074, $0.077, $0.085
Support: $0.069, $0.067, $0.058
(Views and recommendations given in this section are the analysts’ own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.)
