Crypto price today: Bitcoin has $29,000; Ethereum trades at $1,900; Avalanche & Solana up 3%
Bitcoin and top crypto tokens were sidelined on Friday despite renewed turmoil in the US banking sector and slowing growth in the world’s largest economy. However, the majority of the digital tokens were able to keep their gains. Traders await the US Federal Reserve’s meeting next week.
Bitcoin continued to move higher as the biggest crypto asset rose more than one percent to hover around the $29,000 mark. Its biggest peer, Ethereum, was flat, almost unchanged, but holding the $1,900 level. Action in the altcoin was limited early Friday.
Crypto markets have traded sideways over the past 24 hours. BTC is trading in the $29,000 range, up over one percent in the past 24 hours as banking sector turmoil resurfaces and US economic growth slows. ETH is also trading neutral above $1,900, said Parth Chaturvedi, Crypto Ecosystem Lead at CoinSwitch
“Investors are looking ahead to the upcoming Federal Open Market Committee (FOMC) meeting next week. General expectations revolve around another but final Fed rate hike amid recession concerns,” he said.
Apart from the top names, all the top crypto tokens traded with mild gains on Friday. Apart from US dollar-pegged stablecoins and Etheruem, only Shiba and BNB were down up to 2 percent. Among the winners, Solana jumped about 3 percent, while Avalanche was up 2 percent.
The global cryptocurrency market capitalization was trading quite higher, hovering around $1.21 trillion as it jumped nearly one percent over the past 24 hours. However, total trading volumes fell around 31 percent to $48.42 billion.
A sudden 8 percent fall in Bitcoin on April 26, which took the price to $27,242, was followed by a rapid recovery driven by concerns about the US economy and the banking industry. Bitcoin could potentially break through this level and reach the next $30,000 resistance level, presenting buying opportunities up to $30,800, said Sathvik Vishwanath, Co-Founder and CEO, Unocoin.
“The Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD) and 50-day exponential moving average indicate a bullish trend. The crypto market was highly volatile all week, liquidating all longs and shorts, but remained bullish overall.” he said.
Bitcoin (BTC) has been subject to intense volatility recently. On Wednesday evening, it fell almost 10% in an hour and has yet to retake the $30,000 level. While it bounced technically on its 50-day EMA, it is showing a potential market structure change with a lower low.
Bulls can find this reason to cheer, as BTC has successfully tested both the 50-day EMA and the 200-day EMA in 2023. The first time this happened, it led to a healthy 25% price increase. Waiting for a confirmation of a break of the previous high of $31,000 would be ideal to go long here.
Great levels
Support: $29,000, $27,350
Resistance: $30,000, $31,000
(Views and recommendations provided in this section are the analysts’ own and do not represent the views of Business Today. Consult your financial advisor before taking any position in the asset(s) mentioned.)
