The Crypto Market Gains Momentum as Key US Macro Data Looms
The crypto tokens traded higher on Tuesday as investors awaited key macro data from the US. Bitcoin rose by 0.31% to $26,012, while Ethereum hovered just below the $1,650 level. The global cryptocurrency market cap also saw a 0.40% increase, reaching approximately $1.05 trillion over the last 24 hours.
- The stability of the crypto market over the weekend is expected to be disrupted by upcoming significant macroeconomic events, including US Job Openings, Non-Farm Employment Change, and the Unemployment Rate. These events are anticipated to have ripple effects on various assets such as Gold, the Dollar Index, US Equity Markets, and the crypto market.
- Cardano, Dogecoin, and Polkadot witnessed a surge of up to 3.5% in their trading prices.
- Bitcoin’s dominance in the market currently stands at 48.29%, with a market cap of $506 billion. Its trading volume saw a rise of 36.98% in the last 24 hours, reaching approximately $10.8 billion.
- Bitcoin’s ability to hold the $26,000 support level and surpass the $28,200 resistance will determine its bullish stance. On the other hand, if wider financial markets turn bearish, Bitcoin must maintain the $25,200 support to prevent further decline.
- According to Sathvik Vishwanath, CEO at Unocoin, Bitcoin’s price movement remains limited above the crucial support of $25,900. It faces significant resistance at the $26,200 and $26,500 levels.
Hot Take: As the crypto market awaits key macro data from the US, the stability witnessed over the weekend may soon be disrupted. Investors are closely monitoring the impact of significant events on various assets, including cryptocurrencies. Bitcoin’s ability to hold support levels and overcome resistance will play a crucial role in determining its future trajectory.
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