Cryptocurrency Market Sees Red as Bitcoin and Top Tokens Fall After US Inflation Data
Bitcoin and other top cryptocurrency tokens saw a decline in trading on Friday following better-than-expected US inflation data. The two largest cryptocurrencies, Bitcoin and Ethereum, continue to be affected by macroeconomic factors. Analysts are keeping a close eye on the $30,000-mark for Bitcoin as it struggles to maintain its position in the face of market volatility.
Bitcoin continued its fall on Friday, dropping by about 1% to slip below the $29,500-mark once again. At the same time, Ethereum was trading slightly lower but managed to stabilize around the $1,850-level after the latest market weakness. The price action of major altcoins also remained subdued in the wake of the ongoing market fluctuations.
Most of the top cryptocurrency tokens were trading lower on Friday, with Bitcoin Cash dropping by more than 3% and Cardano experiencing a 2% decrease. BNB, Litecoin, and Polkadot also shed over 1% each. However, Solana and Shiba Inu experienced gains of 2%, while Tron added about 1%.
The global cryptocurrency market cap saw a significant drop down to $1.17 trillion, marking a decrease of almost 1% in the last 24 hours. Moreover, the total trading volumes decreased by as much as 26% to $25.84 billion.
Tech View by Giottus Crypto Platform: Analysis and Recommendations
According to the tech analyst at Giottus Crypto Platform, BNB is currently trading sideways within a horizontal channel in the medium term. The candlesticks have approached the $240 level in the past two days, which aligns with its 50-day moving average.
If there is any upside momentum, additional gains could potentially drive the price towards the resistance levels of $250 and $265. However, the RSI slope, moving sideways, indicates that the underlying buying pressure for BNB isn’t particularly strong. On the downside, if BNB fails to hold the $230 support level, it may revisit support zones at $220.
Major Levels for BNB:
Support: $220, $230
Resistance: $250, $265, $280
The views and recommendations provided in this section are the analysts’ own and do not represent those of Business Today. Readers are advised to consult their financial adviser before taking any position in the mentioned assets.
Overall, the cryptocurrency market continues to be influenced by macroeconomic factors and market volatility, presenting both challenges and opportunities for traders and investors.
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