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The global cryptocurrency market cap fell by 1% to approximately $2.41 trillion within the last 24 hours.
As of 10:06 a.m., Bitcoin was trading 0.15% lower at $66,931, while Ethereum experienced a 0.3% decline to $2,935. Additionally, altcoins such as XRP (-1.7%), Dogecoin (-2.8%), Cardano (-2.2%), Avalanche (-4.3)%), Shiba Inu (4.24%), Polkadot (2%), and NEAR Polkadot (2.1%) followed suit in the downward trend.
The next resistance is set at the $67,500 level and the support lies at the $65,500 level, he said.
Rajagopal Menon, Vice President, at WazirX, said, "Moving averages for Bitcoin indicate a ‘Buy’ sentiment as well as it has defied previous price levels. However, as May progresses, the price movement toughens due to price consolidation post-halving as well as mid-year sentiment shifts. If Bitcoin fails to sustain the $66k level, it could dip to $65.1k or $64.5k levels."
The volume of all stablecoins is now $49.08 billion, which is 90.98% of the total crypto market 24-hour volume, as per data available on CoinMarketCap.
In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, rose to $1.213 trillion. Bitcoin's dominance is currently 54.49%, according to CoinMarketCap. BTC volume in the last 24 hours rose 21% to $28.9 billion.
Tech view on by ZebPay Trade Desk
BTC has risen over 8% this week, indicating that lower levels continue to attract buyers. Typically, in a range-bound market, traders buy ear the support and sell close to the resistance. This suggests the price may climb to the top of the range at $73,777. However, surpassing this level could prove challenging. Analysts are currently divided on Bitcoin’s next directional move. Some believe the correction is over and that Bitcoin is poised to break out to a new all-time high. Conversely, others anticipate that Bitcoin might turn down to retest the $60,000 support level, potentially moving lower. This divergence in opinions highlights the uncertainty and mixed sentiment in the market, making the next few trading sessions crucial for determining Bitcoin's trajectory.
![Chart Chart](https://img.etimg.com/photo/msid-42031747/et-logo.jpg)
Bitcoin witnessed a sharp correction after making a new all-time high of $73,777 and the prices fell almost by 23.35% and dropped to $56,552. Though the asset broke the psychological level of $60k it did not give a weekly closing below $60,000 as it took support at the key level of $56,000 and rallied up to $67,700. On a daily time frame, BTC is consolidating and trading from $67,500 to $60,000. The asset has a strong resistance at $67,500 and $73,777 whereas $60,000 and $56,000 will be a strong support for the asset.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.
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