Bitcoin and other top crypto tokens continued to trade mixed on Friday morning in Asia amid reports that the Bank of Japan was considering a change to its yield curve control policy. Despite this news and recent macroeconomic events, the cryptocurrency market showed resilience.
Bitcoin and Ethereum, the two largest crypto tokens, both saw drops in their value on Friday. Bitcoin dropped by as much as one percent, remaining below the $29,500-mark, while Ethereum also shed about one percent but managed to hold on to the $1,850-levels. Other altcoins showed mixed price action.
The fear and greed index of the crypto market remained in the neutral zone with a score of 52/100, up by a point from the previous day. Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, noted that aside from a few exceptions, the top cryptos by market capitalization seemed to be trading in the red.
In the early trade on Friday, all other top crypto tokens were trading mixed. Dogecoin led the losers, followed by Polkadot, both dropping by more than one percent. Meanwhile, among the gainers, Polygon and Tron were up by one percent each.
The global cryptocurrency market cap fell to $1.18 trillion and gained about half-a-percent in the last 24 hours. However, the total trading volumes dropped by as much as 16 percent to $25.72 billion.
Bitcoin continued to hold above $29,000 and remained within a narrow range between $29,000 and $31,500 for over a month. Over 3.4 million Bitcoin addresses bought the dip below $30,000, according to the CoinDCX Research Team. However, there were select crypto investment products that experienced significant inflows.
Tech View by Giottus Crypto Platform
Giottus Crypto Platform noted that Optimism (OP) is in a descending trend, trading above its 50-day exponential moving average. The asset is consolidating between the range of $1.4 and $1.6, facing immediate resistance. If the price successfully surpasses this, it could lead the asset towards the next resistance at $1.8.
Its 14-day RSI (at 54) indicates a neutral sentiment, suggesting that consolidation may continue in the near term if OP holds the $1.4 support level. On the downside, if OP fails to hold the $1.2 support level, it could encounter renewed selling pressure.
Major Levels:
– Support: $1.4, $1.2
– Resistance: $1.65, $1.8
Please note that the views and recommendations given in this section are the analysts’ own and do not represent those of Business Today. It is advised to consult a financial adviser before taking any position in the asset/s mentioned.
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