Bitcoin Price has dropped below $58,000, causing a downward trend in the broader cryptocurrency market. In the last 24 hours, the global cryptocurrency market cap has declined by 1.4%, bringing it to around $2.14 trillion.
Bitcoin Price Market Pressure & Contributing Factors
After trading above $58,000 yesterday, Bitcoin price has consolidated around $57,000. This decline is attributed to pressure from miners, the impending Mt. Gox refunds, and the German government’s recent transfer of seized Bitcoin intended for sale. Currently, Bitcoin faces resistance at the $59,500 level. Edul Patel, CEO of Mudrex, mentioned that if Bitcoin fails to rise above $58,400 today, it might dip to around $57,200.
Mixed Trading Activity and Continued Demand
Despite the German government’s BTC movements, the CoinDCX Research Team observed mixed trading activity in the last 24 hours. However, BTC ETF inflows remained net positive, with $200 million reported the day before yesterday, indicating continued demand. The technical price action remains uncertain, with today’s CPI data expected to increase market volatility.
Cryptocurrency Performance Overview
Several prominent cryptocurrencies, such as Solana, Toncoin, Dogecoin, Shiba Inu, Avalanche, Polkadot, and Chainlink, experienced declines of up to 5%. In contrast, BNB, XRP, Cardano, and Tron saw gains of up to 3%. The total stablecoin volume reached $54.59 billion, accounting for 92.53% of the total cryptocurrency market’s 24-hour volume, according to CoinMarketCap.
Bitcoin’s Market Cap and Trading Volume
Bitcoin’s market cap fell to $1.146 trillion in the last 24 hours, with its market dominance at 53.52%. Bitcoin’s 24-hour trading volume decreased by 13.5% to $24.6 billion. Sathvik Vishwanath, Co-Founder & CEO of Unocoin, noted that technical analysis suggests Bitcoin could break the $58,500 resistance and target $60,000 if bullish trends continue above $57,000.
Technical Indicators and Future Projections
Rajagopal Menon, Vice President of WazirX, noted that technical indicators suggest the hourly MACD is losing steam within the bullish zone, hinting at a possible deceleration. Additionally, the hourly RSI for BTC/USD has climbed above 50, which signifies bullish momentum. Key support levels are $57,200 and $56,000, providing a buffer against declines. On the upside, major resistance levels are at $58,400 and $59,500, which need to be breached for Bitcoin to maintain its upward movement. The market is closely monitoring today’s CPI data and other ongoing developments for further insights.
