Crypto market remains stable, Bitcoin eyes $35,000 resistance

Crypto market overview: In the past 24 hours, Bitcoin saw a 1.8 per cent drop, reaching $34,060, while Ether lost around 0.7 per cent around $1,793, indicating a brief pause in the crypto markets after a recent surge.

The crypto fear and greed index is also well within the greed zone with a score of 70/100, signalling bullish sentiments among crypto investors.

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CoinDCX Research Team told Republic, “BTC is moving up by taking support from the 20-day Simple Moving Average (SMA-D). However, it's still facing a challenge at the $35,000 level. If it successfully breaks through, it could reach the $39,000 to $40,000 range, with potential support around $31,000 to $32,000. For ETH, the $1,740 level may act as a support, and crossing $1,860 could push it toward $2,000.”

Parth Chaturvedi, Investments Lead, CoinSwitch Ventures, talked to Republic about the crypto market movement in the last 24 hours. Chaturvedi said, “After establishing support at $33,600, BTC seems to be undergoing some slight correction after witnessing an 8-day rally before it started observing a rangebound price action these past 2 days. The broader crypto market has reacted in sync and seems to be cooling off after the rally. The top 20 crypto by market cap seems to be trading slightly in the red.

Edul Patel, CEO, Mudrex also shared his view saying, “Bitcoin’s price has now consolidated around the $34,000 level, with investors booking their profits after a nearly 20 per cent surge in price over the last week. There is presently an ongoing battle between bullish and bearish sentiments as the bulls strive to sustain their upward momentum. Bitcoin will now need to breach the $34,300 resistance or potentially find support at $33,800. Meanwhile, Ethereum is currently trading near $1,800.”

Sudeep Saxena, Co-Founder, Coin Gabbar, said, “On Thursday, cryptocurrency prices corrected as the enthusiasm for a potential spot Bitcoin (BTC) exchange-traded fund (ETF) dwindled. Furthermore, the market also awaited today's release of the United States Core Price Consumption Expenditure (PCE) data by the US Bureau of Economic Analysis (BEA). This specific data is the Federal Reserve's primary measure of inflation and is expected to reveal an increase in this report.”

Shivam Thakral, CEO, BuyUcoin said, “The crypto market is showing signs of cooling off after the mega rally in the past few days. BTC is sitting on a comfortable support level of $34,000 and ETH is trading just below the $1800 mark. In an interesting move, BTC dominance has soared to 53 per cent, the highest point in the last 2 years, owing to the growing optimism around ETF approval. Solana has emerged as the biggest gainer in the past seven days as its value surged by almost 27 per cent.”

In other news, Deutsche Bank and Standard Chartered's SC Ventures are testing UDPN, a system that enables blockchain, stablecoins, and CBDCs to interact like SWIFT in traditional banking. UDPN bridges blockchains incorporates digital identity standards and facilitates regulated transactions.