Bitcoin, Ethereum dips after sideways consolidation, Dogecoin rally continues

Crypto market overview: Bitcoin and Ereum have showcased strong consolidation movement in charts with Bitcoin touching high of $71,535 and Ereum crossing $3,600 mark at same time. After consolidated movement, both leing cryptocurrencies are currently exhibiting a steep decline in ir prices due to short-term profit booking. 

Contrary to se tokens, Dogecoin continues its positive momentum and surged more than 6 per cent in last 24 hours. This marks weekly returns of memecoin over 28 per cent. 

Crypto Fear and Greed Index reflects a one-point dip, hovering at 79 points in market, mostly driven by sideways consolidation of leing tokens. 

Crypto Fear and Greed Index | Image credit: Alternative.me

Highlighting BTC consolidation over $70,000 mark, CoinDCX Research Team said, “Both BTC and ETH maintained ir momentum in crypto market as positive inflows into BTC ETFs resumed. Technically, BTC is still consolidating sideways in lower timeframes, providing opportunities for strong tokens to surge. BTC remains above key level of $69,000, signalling positivity.” 

“ETH regained momentum and reclaimed 20EMA D, yet it still lags behind BTC. For a significant move, ETH needs to surpass $3,650. ETH/BTC pair is hovering near a major support level, suggesting a potential boost for ETH and alts if it rises from here,” ded CoinDCX.

Talking about positive momentum in market with majority of leing cryptocurrencies tring in green, Parth Chaturvedi, Investments Le, CoinSwitch Ventures said, “On market front, top 10 crypto assets by market capitalisation have tred in green in last 24 hours, with DOGE leing gains. Technical analysis shows that DOGE’s performance could be attributed to a prolonged reversal, with a flattened-out bottom. We can expect strong support around $0.15 with resistance at $0.21.” 

Chaturvedi also shares market predictions of Bitfinex according to which BTC could reach $1,20,000 by end of 2024. Chaturvedi said, “According to a prediction from Acheron Tring, BTC could attain gains as high as 150 per cent during current bull run. On or hand, Ereum has reached a pivotal achievement by surpassing one million active validators on network. second largest crypto by market capitalisation underwent a transition to proof-of-stake in September 2022.” 

According to data tracked by 21.co, $1.08 billion worth of Treasury notes have been tokenized through public blockchains till now. tally has surged almost tenfold since January 2023 due to increased global interest rates.

Positive inflows in Bitcoin ETFs

Citing Spot ETFs’ net positive inflows as reason behind Bitcoin’s upward movement, Vikram Subburaj, CEO, Giottus said, “Bitcoin is tring above $70,500, as spot ETFs witness net positive inflows this week. Crypto’s fear and greed index has breached 80 (extreme greed) indicating that market is gearing up for a potential rally, leing up to Bitcoin halving. A strong consolidation here can le Bitcoin to test key resistance at $73,000 by Monday.” 

“Meanwhile, a few altcoins – ETH, SOL, XRP – have registered 2-3 per cent gains even as overall market has grown by 1 per cent. As long as Bitcoin stays above its 9-Day EMA of $68,900, altcoins should not witness significant pullbacks. Key upward targets for altcoins: Ereum ($3,600), BNB ($600), Solana ($195), XRP ($0.65), Cardano ($0.67), and Avalanche ($58),” ded Subburaj. 

Bitcoin has displayed mostly sideways movement, consolidating around $70,400. However, re has been a decrease in Bitcoin's tring volume, dropping by about 20 per cent. 

Marking next resistance level for leing cryptocurrency, Edul Patel, CEO of Mudrex, said, “ next resistance level for Bitcoin is anticipated at $71,855, with next support level at $69,231. Ereum has similarly experienced sideways price action, currently hovering around $3,550. With approximately $15 billion worth of options set to expire, both Bitcoin and Ereum are expected to see increased volatility. Overall, market sentiment remains extremely greedy.”