As of 12:40 PM IST, Bitcoin was down 2.12%, trading at $61,042, while Ethereum slipped 1.4% to $2,398.
“Bitcoin is facing selling pressure. The downturn is mainly due to increased institutional outflows. Political uncertainty ahead of the US elections is adding to investor caution,” said Edul Patel, CEO of Mudrex. He added, “Currently, Bitcoin’s support level has dropped to $59,700, with resistance at $61,500.”
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Avinash Shekhar, Co-Founder & CEO of Pi42, noted, “Bitcoin is showing bearish momentum. The Crypto Fear & Greed Index dropped to 39, entering the ‘Fear’ zone, indicating fear dominance in the market. Traders are waiting for US economic data, which may shift investor sentiment in this highly volatile environment.”Other major cryptocurrencies also faced declines. BNB, XRP, Dogecoin, Toncoin, Cardano, and Shiba Inu all fell by up to 4%.
“Top altcoins have bled against Bitcoin. Ethereum, Solana, Cardano, and Avalanche have declined by 2-4%. Notably, Ethereum has broken below its critical $2,400 support zone, with further downside likely if the broader market weakness continues,” said Vikram Subburaj, CEO of Giottus.Stablecoins accounted for $60.52 billion, or 91.54% of the total 24-hour crypto market volume, according to CoinMarketCap.Bitcoin’s market cap dropped to $1.2 trillion in the last 24 hours, while its dominance stood at around 57%. Bitcoin trading volume increased 2.2% to $27.68 billion.
“Bitcoin’s dominance, now at 57.8%, continues to edge lower. Bulls need to defend the $60,000 level, which is a key support zone in the near term. A breach of this could lead to a deeper correction, potentially bringing the $57,000 region into play,” Subburaj added.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of the Economic Times.)