Bitcoin trades rangebound, ETH registers minor gains

Crypto market overview: The crypto market has remained stable over the last 24 hours with Bitcoin gaining 0.39 per cent at $42,826 and ETH surging by 1.62 per cent to reach $2,568. While Bitcoin is still in the consolidation phase, ETH is showing signs of potential positive movement in the coming days. 

The Crypto Fear and Greed Index has also shown a minor decline of 4 points but still remains in the greed section with 60 points. 

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Sharing the crypto market overview in the last 24 hours, the CoinDCX Research Team said, “Over the past 24 hours, BTC has maintained stability, hovering around the $43,000 level. In contrast, ETH is displaying strength, outperforming and showing a bullish trend. BTC is consolidating, and ETH, after a brief consolidation, is on an upward trajectory towards resistance levels at $2,660 and $2,940. Altcoins are exhibiting a mixed performance, with tokens associated with ETH showcasing strength, while others experience a decline.” 

Bringing the relative strength index (RSI) of Bitcoin to focus, Rajagopal Menon, Vice President, WazirX said, “Bitcoin's RSI has witnessed an uptick, signalling a bullish momentum. Analysts predict a consolidation phase for Bitcoin which explains the price dip in the last few weeks. The latest resistance for Bitcoin is at $43k and breaking that could bring it up above $44,000. With movements of BTC from institutional wallets predicted to hit a pause to stabilise market prices, we might find an opportunity for investors to enter the market.” 

Sudeep Saxena, Co-founder, CoinGabbar said, “Bitcoin maintained a horizontal trajectory following the waning excitement surrounding the recent Bitcoin ETF buzz. The BTC/USD pair held steady at 42,900, a position it has maintained since Friday. The upcoming Federal Reserve meeting in the next two weeks emerges as the potential catalyst for Bitcoin's next move.” 

CoinSwitch market desk also shared their assessment of the crypto market in the last 24 house. CoinSwitch said, “The crypto market remained in a rather tight range for another day even as BTC went up by 1.5 per cent. However, the ETH/BTC pair seems to have bottomed out as ETH (+2.5 per cent) continues to outperform BTC in a bid to be the next asset to get ETF approval.” 

Edul Patel, CEO, Mudrex said that the profit booking in the market was noticeable in the last 24 hours as Bitcoin teetered close to dropping below $42,000. Yet, a prompt bullish phase ensued, propelling the price to $43,500 before consolidating just under $43,000. 

“Bitcoin's next hurdle is at $43,918, and the earlier support level stands at $42,510. Meanwhile, Ethereum has been experiencing consistent gains, coupled with a remarkable 30 per cent increase in trading volume over the past day. The overall market sentiment continues to favour greed,” Patel suggested. 

Sharing the crypto market outlook for today, Vikram Subburaj, CEO, Giottus said, “Bitcoin had a relief rally in the morning and briefly touched $43,500. It is now consolidating near $43,000 with a possibility of retesting $44,000 this week. Bitcoin dominance continues its downtrend this week as altcoins outperform the top crypto asset.  Among top altcoins, Ethereum, Solana and Chainlink have performed well with more than 2 per cent gains today. Ethereum, with calls for its own spot ETF, is looking strong to retake the $2,600 level. Short-term upside targets for key altcoins are - Ethereum ($2,650), BNB ($340), Solana ($105), Cardano ($0.57), and Polkadot ($8).

In other news, a popular stablecoin TUSD lost its peg by 1.5 per cent yesterday as people sold more than 440 million dollars of TUSD versus only 300 million dollars of buy orders. TUSD is yet to reclaim its peg back as it trades around the 0.99 dollar mark.