The digital asset space traded under pressure for another day, with Bitcoin slipping below the $79,000 mark and major altcoins continuing to post double-digit weekly declines.
At the time of writing, Bitcoin (BTC) was trading at $78,937.14, down 2.65% on the day, with its market capitalisation hovering around $1.58 trillion. Trading volumes remained elevated at $29.49 billion. On a weekly basis, Bitcoin has fallen 11.47%, while losses over the past month stand at 13.72%.
“Bitcoin is showing signs of recovery, trading above $78500 after testing the crucial support at $74600. Multiple factors, such as US Manufacturing PMI coming in at 40 month high and RSI levels dropping to the 20-25 levels, put BTC on a technically strong footing. Historically, these metrics have preceded strong rebounds. Moreover, hopes of the US government’s partial shutdown have also boosted investor confidence. For now, a weekly close above $74,000 is key to confirming a reversal, with resistance at $85,000.” said Akshat Siddhant, Lead quant analyst, Mudrex.
Ethereum, Solana Lead Altcoin Declines
Ethereum also extended its correction, sliding 3.33% to $2,325.24, with a market cap of $280.64 billion. ETH has underperformed Bitcoin, shedding 23.10% over the past week and 26.02% over the last month.
Similarly, Solana (SOL) also remained under selling pressure, trading at $104.79, up marginally 2.98% intraday, but still down 17.54% over seven days and 21.83% on a monthly basis.
Other altcoins met witha similar fate in the market today BNB traded largely flat at $767.88, up 0.18% while XRP fell 2.85% to $1.60, the token has dropped more than 23% over the past month.
Interestingly, the most famous meme coin DOGE bucked the broader trend with a 4.49% intraday gain trading at $0.1087. However, Dogecoin Price is down by 27.29% in last 30 days.
As per CoinDCX research team, “The top gainers for the day include Hyperliquid with over a 20% jump, followed by Stacks by 18.5%, Memecore & Morpho by over 14% each, and Kaia by 13%. Besides, Monero records a 5.32% drop, Zcash 4.44%, Pump.fun 3.39%, and Story 2.05%. Despite the relief, the crypto market sentiments remain under fear, hinting that the market participants remain pessimistic.”
Disclaimer: The views and recommendations expressed are solely those of the individual analysts or entities and do not reflect the views of Goodreturns.in or Greynium Information Technologies Private Limited (together referred as “we”). We do not guarantee, endorse or take responsibility for the accuracy, completeness or reliability of any content, nor do we provide any investment advice or solicit the purchase or sale of securities. All information is provided for informational and educational purposes only and should be independently verified from licensed financial advisors before making any investment decisions.
