Cryptocurrency markets rose on Monday, led by gains in Bitcoin, Dogecoin, Solana, and Dogecoin. The global cryptocurrency market capitalization increased by 1.53% in the past 24 hours to approximately $2.32 trillion.
As of 2:07pm IST, Bitcoin (BTC) is trading 1.7% higher at $68,218, while Ethereum is trading 1.67% higher at $2,507. Earlier in the day, Bitcoin briefly reached the $68,550 mark.
Among other major cryptocurrencies, BNB rose 1.5%, Solana rose 1.4%, Dogecoin rose 3.4%, and Avalanche rose 1.6%. Polkadot and Litecoin also recorded gains of 3.8% and 2.6%, respectively.
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“Bitcoin is trending higher after a weekend of volatility due to Middle East tensions.”Nevertheless, BTC has fallen below $68,000, supported by ETF inflows that totaled $3 billion in October. “Bitcoin’s market power is close to 60% and momentum is increasing.”This is likely to continue as interest from retail and institutional investors increases. ” said Edul Patel, CEO of Madrex. “The results for the next US president are just a week away, and Trump is likely to win,” CoinSwitch Market Desk said. This is also seen as a positive development for the crypto community, as Trump has already announced plans to put Elon Musk at the head of the new Department of Government Efficiency (DOGE) if elected, making it one of Musk’s favorites. It is possible that a gathering will begin. Cryptocurrency Dogecoin again. ”
According to data available on CoinMarketCap, the circulation of all stablecoins currently stands at $50.5 billion, which represents 90.36% of the total circulation of the 24-hour cryptocurrency market. In the past 24 hours, the market capitalization of Bitcoin, the world’s largest cryptocurrency, has increased to $1.349 trillion. According to CoinMarketCap, Bitcoin’s dominance is currently 58.3%. BTC trading volume in the past 24 hours increased by 41.3% to $21 billion. Technical insight from ZebPay Trade Desk
Bitcoin fell more than 2% this week, but a key positive indicator was that buyers managed to prevent the price from staying below $65,000. This support rebounded and Bitcoin rose above $67,500 on October 27th. On October 25th, sellers tried to push the price below the 20-day exponential moving average (EMA) of $66,201, but the bulls held this price point firmly. This resilience shows that market sentiment remains optimistic as traders continue to buy the dip.
After hitting an all-time high of $73,777, BTC began trading in a “descending channel” pattern. The bulls are trying to break out of the pattern as the price has been near resistance (the upper descending line of the pattern) for the past 7 days. BTC is also struggling to maintain its weekly closing price above $70,000. If this happens, we can expect the stock to reach a new all-time high and continue to rise further.
BTC main levels:
Support 1: $66,500
Support 2: $62,000
Resistance 1: $70,000
Resistance 2: $73,777
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