Bitcoin was trading sharply higher as it surged more than 3 per cent to regain the 28,000 mark, while Ethereum also rose about 2 per cent but remained below the $1,900 levels.
Bitcoin and other crypto tokens were trading decently higher on Wednesday. After five days of lingering below $28,000, bitcoin went for a surprising ride upward amid the muted performance by the US banks in Q4.
Bitcoin was trading sharply higher as the largest crypto asset surged more than 3 per cent to regain the 28,000 mark. Its largest peer, Ethereum also rose about 2 per cent but remained below the $1,900 level. Altcoins, however, posted strong gains and were in line with the blue chips.
In the past 24 hours, Bitcoin rose above the $28,000 level as investors reacted positively to the moderately optimistic Q1 earnings report from Alphabet and Microsoft, said Edul Patel, Co-founder and CEO at Mudrex.
“On the other hand, the surge could also be attributed to concerns over banking stability following First Republic Bank’s announcement that it lost $100 billion in deposits during its Q1 earnings presentation BTC saw an increase of over 3% in the last 24 hours, while Ethereum also experienced a gain of nearly 2 per cent and is presently trading at the $1,860 level,” he said.
Barring the US dollar-pegged USD Coin, all other top tokens were trading higher on Wednesday. Litecoin, Avalanche and Cardano jumped as much as 4 per cent, each, whereas Solana increased over 3 per cent. Polygon, BNB, Dogecoin and XRP added 2 per cent, each.
The global cryptocurrency market cap was trading significantly higher, hovering around the $1.18 trillion mark as it jumped more than 2 per cent in the last 24 hours. However, the total trading volumes increased about 11 per cent to $40.59 billion.
The Bitcoin price is currently hovering around $28,300. The recent rally in Bitcoin price can be attributed to technical buying ahead of the 50-day moving average and near-term support levels. With a short-term buy signal triggered less than a week ago, historical trends suggest that Bitcoin could experience a 7 per cent gain over the next 10 days, said Sathvik Vishwanath, Co-Founder & CEO, Unocoin.
“The broader story surrounding bitcoin’s rise has been driven by safe-haven demand amid fears of a banking crisis, a recovery in market conditions and a belief that the Fed’s tightening cycle is coming to an end. Bitcoin should remain supported in the medium to long term, with on-chain indicators suggesting that the cryptocurrency has entered a new bull market,” he said.
Blockchain adoption entity Tezos India has joined hands with Zeeve, a Web3 infrastructure provider, to enable businesses and developers to adopt blockchain technology without any hassle. The combined power of the two brands will empower web 2.0 businesses to come on-chain and help developers at a mass level to deploy their applications on the blockchain.
Tech View by Giottus Crypto Platform
Chainlink’s token – LINK – is interestingly positioned right now, bouncing off a confluence of its 200-day moving average and the middle of a multi-month parallel channel it has been operating in.
It is now targeting the $7.5 psychological resistance, which it has not held for long periods since August 2022. Should that level be reclaimed, we could see an attempt to the top of the parallel channel at $8.1-8.2.
However, in case of rejections, there may be a retest of the 200-day EMA at $6.95, beyond which we can look at lower targets of $6.6 and $6.5.
Support: $6.95, $6.6, $6.5
Resistance: $7.5, $8.1