Crypto Price Today: hits lowest level since ETF launchRead more at
Cryptocurrency markets were trading in the red on Tuesday after Bitcoin, the world's largest crypto token, fell below $40,000 for the first time since the launch of 11 spot Bitcoin exchange-traded fund (ETF) on January 11.
The cryptocurrency market is currently experiencing a healthy correction following a significant surge. Bitcoin, which came close to reaching $50,000 due to excitement surrounding ETFs, is now showing signs of stabilizing as outflows to Bitcoin ETFs increase. This trend is expected to contribute to the wider adoption of Bitcoin, the world's largest digital asset, as ETFs continue to grow their assets under management. According to Shivam Thakral, CEO of BuyUcoin, we can anticipate a more stable Bitcoin in the future. In the latest trading session on Tuesday, the global cryptocurrency market cap saw a decline of 2.74%, reaching approximately $1.57 trillion within the past 24 hours. At 12:14 a.m., Bitcoin was trading 3% lower at $39,998, while Ethereum experienced a 3.6% decrease, reaching $2,344. Other popular altcoins, such as Avalanche and Chanilink, also witnessed a decline of over 6% each. Litecoin, Internet Computer, Polkadot, Dogecoin, and Solana saw a decrease ranging from 4% to 5%. BNB and XRP also dropped by over 2% each.
Tech View by CoinDCX Research Team
Technically, BTC is on a downward path, currently below the 7 EMA Weekly, suggesting a bearish sentiment. Key support levels are around $37,000-$38,000 and $34,375, with resistance at $43,000, $44,500, and $48,000.
ETH is retracing within a range, slipping below the 20 EMA D, indicating bearishness. Key support levels include $2,280, $2,175, and $2,015, with resistance at $2,700, $2,900, and $3,300
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