Crypto market remains stable, Bitcoin trades below $35,000

Crypto market overview: Most of the top 20 cryptos by market cap are currently trading in the red. BTC was close to touching the $36,000 mark before correcting and coming back to trading over $34,500. The trading price, however, is still 30 per cent up in the past month, hinting that the price action may be cooling off.

The crypto fear and greed index also lost seven points in the last 24 hours, indicating the profit booking from short-term investors. Even though the market sentiment steel remains in the ‘greed’ spectrum, leading cryptocurrencies will have to sustain their levels to surge higher from here. 

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Parth Chaturvedi, Investments Lead, CoinSwitch Ventures talked to Republic about the recent market correction. Chaturvedi said, “Other asset classes like stocks registered gains as treasury yields decreased, hinting that the Feds may not raise interest rates for the remainder of 2023. The crypto market, however, underwent a correction in the last 24 hours. Many investors believe that this may be a reaction to the guilty verdict served on Sam Bankman-Fried in the FTX fraud trial.”

CoinDCX Research Team also shared their opinion on the market volatility. CoinDCX said, “In the past 24 hours, the crypto market has experienced significant volatility, primarily driven by BTC's sharp price swings. Currently, BTC is back below the $35,000 key level, currently trading at $34,650. Key support levels include the $34,400 inclined trendline support and approximately $33,400, while resistance levels are situated at $35,170 and $36,000.”

“In contrast, ETH has seen a decline of nearly 4 per cent, trading at $1,800 and moving within a range of $1,765 to $1,850,” Team CoinDCX added. 

While Sudeep Saxena, Co-Founder, CoinGabbar underlined the potential impact of the upcoming Non-Farm Employment Change data. Saxena said,  “After a bullish surge on Thursday following the US Federal Reserve's decision to maintain its benchmark interest rates, broader cryptocurrencies are now witnessing profit-taking. The dollar has experienced a decline in value due to Fed Chair Jerome Powell's hints at a potential conclusion to the rate-hiking cycle. Currently, the market eagerly awaits the release of the Non-Farm Employment Change data today.”

Talking to Republic, Edul Patel, CEO, Mudrex said, “Bitcoin is presently changing hands above the $34,400 mark as some traders cash in their gains from the surge in October. To regain its upward momentum, Bitcoin must breach the $35,000 threshold or potentially rely on support around the $34,300 mark. The market sentiment is presently neutral as investors await the US non-farm payroll data, which is due later today. Meanwhile, Ethereum is trading just below the $1,800 level.”