The cryptocurrency market saw a modest recovery on September 5th, with Bitcoin, Ethereum, and other major cryptocurrencies recovering from previous declines.
As of 1:02pm IST, Bitcoin was trading 1.2% higher at $57,195, while Ethereum was up 1.3% at $2,414. Other notable gains include Solana up 2.8%, Dogecoin up 2.4%, Cardano up 1.5%, Avalanche up 1.7%, Shiba Inu up 2.6%, and Litecoin leading the pack with a 4.3% gain. I stood up.
Edul Patel, CEO of Mudrex, commented: The next support level is $55,200 and the resistance level is $58,800, and traders are closely monitoring these levels for potential breakout signals. ”
crypto tracker
Meanwhile, Vikram Subraj, CEO of Geotas, said, “Bitcoin is trading above $57,000 today after showing a modest recovery.Bitcoin RSI and MACD “This also indicates a slowdown in buyer sentiment, which could indicate that Bitcoin will continue to fall before it regains $60,000.”
The global cryptocurrency market capitalization increased by 0.91% in the past 24 hours to $2 trillion. Despite this increase, the Fear & Greed index fell to 34. Pi42 CEO and co-founder Avinash Shekhar advised that “traders should remain cautious and reduce leverage until there are clear signs of market recovery.”
According to data available on CoinMarketCap, the trading volume of all stablecoins currently stands at $60.24 billion, accounting for 92.96% of the total 24-hour cryptocurrency market trading volume. In the past 24 hours, the market capitalization of Bitcoin, the world’s largest cryptocurrency, rose to $1.13 trillion. . According to CoinMarketCap, Bitcoin’s dominance is currently 56.33%. BTC trading volume in the past 24 hours decreased by 7.7% to $30.4 billion. “Bitcoin is currently testing support at $56,022 daily,” added Satvik Vishwanath, co-founder and CEO of Unocoin. A close below this level could result in further declines to around $54,000. The Relative Strength Index (RSI) and Awesome Oscillator (AO) are both below the neutral level, indicating weak momentum and a likely continuation of the downtrend. Conversely, the bearish outlook could be invalidated if Bitcoin breaks through $59,560 and closes above the 61.8% Fibonacci retracement level of $62,019, with Bitcoin rising 5.5% to $65,379. It could approach dollar resistance. ”
(Disclaimer: Recommendations, suggestions, views and opinions given by experts are their own. They do not represent the views of Economic Times)
