Bitcoin and other crypto tokens continued their bullish momentum in the new week on Monday. All the crypto tokens stepped in the early trades, continuing the weekend momentum. The euphoria around regulatory approval of a spot bitcoin exchange-traded fund (ETF) listing helped the crypto surge lately.
Bitcoin continued to remain firm as the largest crypto token gained about a per cent and managed to hover strongly above 34,000-levels. However, its largest peer, Ethereum, was also seen half a per cent each but remained below $1,800-level. Majority of the altcoins were trading with gains.
Bitcoin sustained its position above the $34,000 threshold, driven by the prevailing positive outlook regarding the potential approval of Bitcoin Spot ETF applications in the United States, said Edul Patel, Co-Founder & CEO at Mudrex.
“The ProShares Bitcoin Strategy ETF (BITO) witnessed its second-largest trading week to date, racking up $1.7 billion in trading volume, while the Grayscale Bitcoin Trust (GBTC) recorded $800 million in trading volume, possibly amplifying the overall market’s positive sentiment. Ethereum, on the other hand, maintained its trading value above $1,700,” he said.
All of the majority of top crypto tokens were trading higher on Monday. Solana surged about per cent, while Chainlink and Polkadot gained 3 per cent each. Polygon, Cardano and XRP gained about 2 per cent each in the early trade. Even the dollar pegged stablecoins inched up.
The global cryptocurrency market cap was trading significantly higher, rising up to $1.26 trillion-mark, as it jumped about a per cent in the last 24 hours. However, the total trading volumes surged more than 13 per cent to $27.37 billion.
Bitcoin concluded the week with a remarkable 15 per cent gain. Throughout the weekend, BTC maintained a positive stance but remained below its local resistance at $35,000. Currently, the price hovers around $34,300, while ETH is trading slightly above the local support level of $1,765, said CoinDCX Research Team.
“It’s worth noting that this week carries significant weight for the crypto market due to various macro events, including the US FOMC meeting, the monthly announcement of the US unemployment rate, US job openings, and the US non-farm Employment Change. These events have the potential to introduce volatility to the crypto market,” it added.
Tech View by Giottus Crypto Platform
Chainlink (LINK) is currently in a major rally on the back of RWA (Real world assets) narrative and wider positive sentiment in the market. The token has been on the sidelines for most of 2022 and 2023 but recently saw a considerable surge in price. LINK went from $5.9 in early September to $11.2 today, a 90% surge in price.
The token has broken the $10 key resistance level, and continued strong development is likely. The Bollinger Bands are currently wide as the price volatility increases near the $9 mark and the price action is trending well above the indicator’s mean line. The upward shift has propelled the RSI index to the overbought territory and is currently sitting at 76.9. If the price manages to successfully surpass the $12 mark, this could lead to further increase towards the resistance level of $13.5.
Support: $10, $9, $7.85
Resistance: $12, $13.5
(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.)