Crypto Price Today: Bitcoin Briefly Tops $26,000; Avalanche, Solana, Dogecoin jump up to 6%
Live sentiment continued to prevail in the crypto market as Bitcoin and other tokens extended gains for the third straight day. However, gains were limited and some tokens saw some profit booking during the early trading hours in Asia.
Traders expect the worst to be over for the digital token market following the global fallout triggered by the US banking sector. Along with this, US inflation numbers were in line with expectations, suggesting that aggressive interest rate hikes by the US Federal Reserve are likely to be shelved.
Bitcoin briefly topped the $26,000 market before giving up some gains. The largest crypto token was last seen below the $25,000 level. Its major peer Ethereum also attempted to top $1,800, but barely held $1,700 at the time of writing this report. Altcoins outperformed the blue-chip tokens, with a few rising as much as 35 percent.
Bitcoin, the world’s largest crypto asset, rose by over 12 percent in the past week. The UK government bailing out Silicon Valley Bank has created a positive sentiment in the investment community, which may have boosted buying activity, said Shivam Thakral, CEO of BuyUcoin.
On the back of US CPI numbers pegging inflation at an expected 6 percent, Bitcoin (BTC) broke through the $26,000 level and gained about a strong 30 percent over the past 2 days. This is BTC’s highest since June 2022. The fact that BTC only has one strong near-term resistance in its golden pocket at $25,959 should further add value to its bullishness
But it has lost its gains and is trading below $25,000 again. Despite a continuation of a bullish market structure with higher highs and higher lows, its bullish scenario targeting the next resistance at $28,790 should be on pause for now.
BTC’s 50-day and 200-day moving averages (at $22,944 and $19,716 respectively) combined with the RSI around 80 indicate that it may be overbought. BTC may end up falling down to its next support at $23,965 before the next attempt at a higher move.
Resistance at key levels: $25,960, $26,670, $28,800 Support: $23,965, $21,970, $19,500(Views and recommendations provided in this section are the analysts’ own and do not represent those of Business Today. Consult your financial advisor before taking any position in the asset(s) mentioned.)
Also Read: Adani Enterprises, Titan Company, Persistent Systems: How you should trade these stocks
See: Salil Parekh, Suresh Narayanan and more: What India’s CEOs studied, earns
