Bitcoin and Ethereum are hovering around the $68,000 and $2,054 levels, respectively. Experts note that while BTC and ETH remain stable as global macro factors start to align, technical indicators and on-chain data are pointing toward a cautious near-term outlook.
In the past 24 hours, Bitcoin and Ethereum went up 3.73% and 5.51% respectively. Among the major altcoins, XRP, BNB, Solana, Tron, Dogecoin, Cardano, and Hyperliquid gained upto 8%. The global crypto market capitalisation went up 3.52% to $2.36 trillion, according to CoinMarketCap.
Also Read | HDFC Defence Fund exists this small cap stock that went up by 500% in 5 yearsRiya Sehgal, Research Analyst, Delta Exchange said Bitcoin has recovered to around $68,800, holding above its short-term support but still capped below the 50-day EMA near $69,500 and Ethereum mirrors this setup, hovering around $2,050 and consolidating between $1,950 and $2,100.Sehgal further said that broader sentiment remains cautious as traders assess macro liquidity conditions and capital rotation into traditional safe-haven assets such as gold. The market appears to be transitioning from distribution toward early accumulation, but conviction remains fragile pending a clear breakout above key technical levels
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In the past week, Bitcoin and Ethereum were down by 2.66% and 1.31% respectively. Among the major altcoins, XRP, BNB, Solana, Dogecoin, Cardano, and Hyperliquid went down over 6% whereas Tron gained 2.50%.
Also Read | Starting out in mutual funds? Here’s how to allocate your investmentsNischal Shetty, Founder, WazirX said Bitcoin trades at $68,882, holding steady as global macro catalysts begin to align. January CPI data showed US inflation moderating to 2.4%, easing inflation concerns. When inflation concerns cool, it reduces uncertainty around aggressive rate hikes and brings stability back into risk assets, including crypto.
Ethereum also reclaimed the $2,000 level after a significant drop in futures open interest, indicating that further excessive leverage has been flushed out, Shetty further said.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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