Bitcoin recovers after yesterday’s decline, Dogecoin zooms 5.5%

Crypto market overview: Bitcoin, leing cryptocurrency by market capitalisation, has recorded strong volatility in last 24 hours with its price breaching $71,600 mark and n falling below $69,000. BTC is recovering from yesterday’s dip and currently hovers around $70,000. 

Ereum’s 24-hour chart reflects a similar pattern to Bitcoin as token lost close to 1.3 per cent and is currently underway a recovery. However, Dogecoin, a memecoin initially promoted by Elon Musk, has gained more than 5.5 per cent, touching a 33-month high of $0.1988. 

Crypto Fear and Greed Index also reflected a similar sentiment with a 3-point decline. index currently stands at 80 points down from 83 points recorded yesterday. 

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

Talking to Republic Business, CoinDCX Research Team underlined bearish turn of market sentiment after court ruling against Coinbase. CoinDCX said, “Technically, BTC is consolidating within a range after an upward movement, finding support at 20EMA 4 H level, which is robust. key level remains at $69,000, with BTC needing to maintain its position above it. Resistance is at an all-time high, which BTC must clear for new highs.” 

exchange’s market team believes that for ETH to see a strong upside move, it must first surpass $3,650, while $3,450 serves as a support level.

Bitcoin and Ereum have maintained a sideways tring pattern amidst minor price corrections in cryptocurrency market. Sharing insights about KuCoin charges, Rajagopal Menon, Vice President, WazirX said, “ recent criminal conspiracy charges against KuCoin have led to over $1 billion in outflows, contributing to a minor cooling down of market sentiment.” 

“Despite selling pressure, hodlers continue to hold onto ir tokens, with both BTC and ETH encountering resistance levels at $70,000 and $3,500, respectively. Bitcoin's indicators signal a bullish sentiment, hinting at a potential breakthrough of $70,000 resistance level. However, Ereum's indicators suggest possibility of a price correction, despite maintaining a bullish momentum,” ded Menon. 

In last 24 hours, BTC first broke $71,000 mark before breaking below $69,000 causing over $175 mn of long liquidations as well as over $80 mn of short liquidations. CoinSwitch Markets Desk said, “ short-selling began as a federal judge in New York ruled that SEC can proceed with its lawsuit against Coinbase for unregistered sale and offer of securities.” 

“Three major AI tokens namely OCEAN, FET and AGIX are considering merging ir tokens into an ASI token with a fully diluted market cap of $7.5 billion. If this deal goes through, this could be one of biggest developments in crypto AI world,” ded CoinSwitch. 

In or news, Fidelity Investments became eighth institution to apply for a spot in Ereum ETF late in evening with likes of BlackRock, Ark Invest etc alrey in line for same. ETH prices however continued to slip during day. 

Edul Patel, CEO of Mudrex said, “Larry Fink, CEO of BlackRock, has shown strong bullishness towards BTC, especially as its ETF saw inflows exceed $17 billion. Bitcoin's next resistance level is expected at $70,814, with previous support level at $67,744. Ereum also faced selling pressure, falling 3.70 per cent on last day to settle around $3,400. market sentiment remains extremely greedy.”