Crypto Price Today: Bitcoin reclaims $27,500; Tron, Litecoin, Ethereum gain up to 7%
Despite the US Federal Reserve increasing the interest rate by another 25 basis points, Bitcoin and other crypto tokens were trading higher on Friday.
The unrest in the banking sectors developed some interest in the digital token market. Traders lapped up some well-known blue-chip tokens.
Bitcoin rose more than 3 per cent to regain the $28,000 mark as the markets digested the US Fed rate hikes. Its largest peer, Ethereum, was also up about 4 per cent, regaining the $1,800 level.
Altcoins outperformed the headline peers, rising up to 22 per cent.
Barring the US dollar-pegged stablecoins, all other top crypto tokens were trading with decent gains on Friday.
Tron jumped more than 7 per cent, while Litecoin surged 6 per cent, Avalanche and Dogecoin added 4 per cent each, whereas XRP, Polkadot and Solana rose 3 per cent, each.
The global cryptocurrency market cap was trading with big gains at $1.18 trillion, jumping more than 3 per cent in the last 24 hours. However, the total trading volumes slumped over 19 per cent, close to $55.11 billion.The crypto market reacted sharply to the interest rate hike announced by the Fed in its latest FOMC meeting.
Bitcoin was poised to test the $30,000 level but lost steam after the Fed continued its hawkish stance to tame soaring inflation, said Dhruvil Shah, SVP of Technology at Liminal.Bitcoin recovered from the Fed shock today and is back above the $28,000 level while Ethereum and other digital assets showed a similar upward trend.
The Fed may continue its moderate rate hike to manage the health of the economy and we can expect restricted growth in the markets due to high borrowing costs,” he said.
Tech View By Giottus
Recently, Ethereum (ETH) soared to new heights in 2023 after reclaiming its golden pocket resistance, owing to a substantial 20 per cent rise in just 48 hours a couple of weeks ago.
Hovering around the $1,800 mark, ETH has experienced a phenomenal 50 per cent growth year-to-date.
For the past week, ETH has been trading between the Fibonacci resistance at $1,826 and its golden pocket at $1,705.
The upcoming days promise to be a thrilling ride for ETH, as the crypto is primed to potentially reach a new yearly high.
If Ethereum can claim the 0.78 Fibonacci resistance, the path to $2,030—its highest point since August of last year—will be wide open, given the absence of any strong resistance above.
Additionally, robust support of the golden pocket below serves as a safety net, instilling confidence in bulls to go all-in on Ethereum.
On the other hand, bears should be mindful of ETH’s 50 and 200-day moving averages, which stand at $1,633 and $1,433, respectively, and are considerably below the market price.
This could present a window of opportunity for bears to drag ETH down.
However, they should exercise caution and hold off on any long-term moves until they manage to push ETH below its golden pocket. Once this is achieved, they can set their sights on the next Fibonacci support at $1,550.
Major LevelsResistance: $1,826, $2,030Support: $1,705, $1,665, $1,550
ByBusinesstoday
