The Crypto Market Takes a Dip as Bitcoin Falls
In Thursday’s trade, the crypto market saw a decline with Bitcoin and Ethereum both trading lower. Bitcoin fell 1.62% to $28,629, while Ethereum was below the $1,800 level. The global cryptocurrency market cap also experienced a drop, falling 1.61% to around $1.14 trillion in the last 24 hours.
Key Points:
- Bitcoin dropped 3% overnight and is struggling to hold $28,600 as support.
- Other top crypto tokens such as BNB, XRP, Dogecoin, Solana, Shiba Inu, Polygon, and Litecoin were also trading lower.
- The market cap of Bitcoin is approximately $557 billion, with a dominance of 49%.
- Bitcoin’s volume stood at around $16.49 billion, rising 24.8% in the last 24 hours.
- Experts predict that Bitcoin could remain in a subdued state for several weeks before significant movement occurs around September.
Expert Insights:
“Bitcoin has dropped 3% overnight and is fighting to hold $28,600 as support (which is in line with its 100-day moving average). This comes as global stock indices, including S&P 500, continue to be in the red – losing gains achieved over the past few months. Any further drop in Bitcoin will push the asset to retest $26,000 over the coming weeks,” says Vikram Subburaj, CEO of Giottus Crypto Platform.
“The BTC/USDT pair remains below the 20-day EMA, and the Relative Strength Index (RSI) is in negative territory. This suggests a minor advantage to the bears. Bitcoin remains confined within a tight range, showing no definite indications of breaking free. The recent market update from QCP Capital suggests that Bitcoin could potentially maintain this subdued state for several weeks before showing significant movement around September,” adds ZebPay Trade desk.
Rajagopal Menon, Vice President at WazirX, notes that major market oscillators point to a Buy sentiment, with various indicators indicating a neutral outlook.
Crypto Cart: Quick Glance
| Coin | Price | Change (24 hours) |
|---|---|---|
| Bitcoin | $28,629 | -1.62% |
| Ethereum | $1,798 | -1.27% |
| Tether | $0.9987 | -0.01% |
| BNB | $231 | -1.48% |
| XRP | $0.59 | -2.67% |
| Cardano | $0.2769 | -0.84% |
| Dogecoin | $0.06799 | -3.78% |
| Solana | $23.25 | -0.71% |
| Polygon | $0.6217 | -1.42% |
| Litecoin | $75.46 | -3.80% |
| Polkadot | $4.76 | -0.57% |
| Tron | $0.07455 | -2.42% |
| Shiba Inu | $0.000009269 | -6.73% |
Hot Take:
The recent dip in the crypto market, led by Bitcoin’s decline, highlights the volatility of the cryptocurrency space. While experts predict a potential subdued state for Bitcoin in the coming weeks, the market remains unpredictable. Crypto investors should closely monitor the market and be prepared for potential fluctuations.
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