“Markets kept hitting lower for the second day in a row after BTC failed to cross the $65k mark a couple of days back. The next immediate line of support for BTC stays around the $62k mark, which if breached, could take the price back to the recent lows of $57k,” said CoinSwitch Markets Desk.
Meanwhile, Rajagopal Menon, Vice President at WazirX, said, “The persistent selling pressure has raised concerns about a potential price decline towards the critical $58,000 support zone. While this level has historically acted as a strong floor for Bitcoin, a further drop cannot be entirely discounted.”
“Bitcoin’s long-term gains can be projected for September aligned with the possibility of a 25 bps rate cut by the Feds. Though there is no clarity on the same based on current market conditions, further update on rate hikes will impact Bitcoin’s long-term price,” Rajagopal said.
The volume of all stablecoins is now $59.06 billion, which is 91.69% of the total crypto market 24-hour volume, as per data available on CoinMarketCap.
Within the same timeframe, Bitcoin’s market cap declined to $1.228 trillion, with BTC volume falling by 16.6% to $25.47 billion.
“BTC support now lies at the $61,500 level and the resistance is at the $64,500 level. We are likely to see a range-bound trading for a few days as Bitcoin has not acquired enough strength to make an upward move,” said Edul Patel, CEO of Mudrex.
(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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