Crypto market remains rangebound, Bitcoin trades flat

Crypto market overview: In the last 24 hours, the crypto market has exhibited rangebound movement with both Bitcoin and ETH showing flat movement. Even though Bitcoin briefly crossed the $43,300 mark in the late-night trade, it dipped back to $42,700 earlier in the day. ETH on the other hand is showing a more consolidated pattern with more than 9 per cent gains in the last 7 days.

The Crypto Fear and Greed Index has also seen a major jump of 12 points surging to 64 points from the low of 52 points of yesterday.

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Sharing the crypto market overview, the CoinDCX Research Team told Republic Business, “In the last 24 hours, both BTC and ETH exhibited stability, and the market remained calm, attributed to the closure of the US market, indicating lower volatility and volume. BTC is maintaining its position, hovering slightly below $43,000. Key levels for BTC include $42,000 as support and $44,000 as resistance.”

“ETH is gradually consolidating in a sideways trend after a recent rally, holding above $2,500 and the 20 EMA Daily. Notably, BTC dominance is declining, while ETH dominance is rising, suggesting a rotation of funds from BTC to ETH,” said CoinDCX. 

CoinSwitch Markets Desk underlined the mixed movement in the market as short-term positions are not being liquidated due to increasing selling pressure. CoinSwitch said, “BTC prices continue to trade in a narrow range. A lot of retail traders still seem to be trapped in their short-term positions as BTC failed to cross the esteemed $50,000 mark even as BlackRock continued to increase their BTC holdings to more than 11,000 BTC in only two days. At this pace, Blackrock could soon become the world’s largest holder of Bitcoin.”

“The last line of defense for Bitcoin lies around $38,000 although a fall to early $30,000 could lead retailers to sell their BTC in fear. With BTC halving just three months away, we are yet to see the major catalyst come into play for Bitcoin’s positive price action,” added CoinSwitch.

Sudeep Saxena, Co-founder, Coin Gabbar said, “Following a notable decline, Bitcoin's price is showing signs of stabilisation, suggesting a potential reduction in market exuberance. The launch of Bitcoin ETFs led investors to ‘sell the news,’ prompting observers to anticipate the next catalyst for market movements. As attention shifts away from Bitcoin, market participants are now focusing on Ethereum and alternative cryptocurrencies.” 

Shivam Thakral, CEO, BuyUcoin said, “The overall crypto market cap jumped to the $1.68 trillion mark as Bitcoin charted a strong recovery path after slipping to $41,700 during the day trade. Bitcoin has received strong support at the $41,000 mark and we may see a strong recovery in Bitcoin prices from here owing to the macroeconomic factors. We are witnessing the normalisation of digital assets as the euphoria around Bitcoin ETF is settling down.” 

Edul Patel CEO of Mudrex said, “Over the last 24 hours, Bitcoin's price see-sawed considerably, initially following a sharp upward trajectory beyond $43,300, but experiencing a quick reversal due to profit booking, bringing it back to just above $42,600. Bitcoin's present price places it nearly midway between its next resistance level at $43,572 and the previous support level at $41,882.”

Sharing the crypto market outlook for today, Vikram Subburaj, CEO, Giottus said, “Bitcoin remains range-bound around $42,500. With its relative strength index (RSI) at 45 per cent, the asset could experience consolidation around this level before retesting $44,000. Its MACD histogram has also improved over the past 24 hours, indicating that selling pressure has eased.

“Among top altcoins, BNB is the standout performer today with 2.5 per cent gains, while Ethereum continues to hold its psychological support level of $2,500. Short-term upside targets for key altcoins are - Ethereum ($2,650), BNB ($340), Solana ($104), Cardano ($0.60), and Polkadot ($8).”

Another interesting trading pair of the last few days remains the ETH/BTC pair as the world’s most traded altcoin pair took a major support at 0.05 last week and is now trading at around 0.06 BTC per ETH. 

This has led to a rally in all ETH-based altcoins as well. As per the technicals, this pair can still jump another 35 per cent as traders speculate an ETH ETF in the coming weeks or months. Blackrock CEO Larry Fink has also been bullish on his television interviews about the tokenisation of stocks and other real-world assets - which could be a positive for ETH.