"Bitcoin has been trading in a tight range between $28,000-$30,000 for the past few days. BTC's current support lies at $27,000, while the initial resistance holds at the $33,000 level. We may see BTC crossing $31,000 in the coming days as momentum signals improve over the previous day," said Edul Patel Co-Founder & CEO of Mudrex.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, rose about 2% to $2,016. Meanwhile, dogecoin price today was trading lower at $0.08 whereas Shiba Inu also was down almost flat to $0.000012.
“The daily chart for ETH-BTC continues to traverse within an ascending channel pattern trading close to the support levels. The next resistance for ETH-BTC is expected at 0.077 and an immediate support is expected at 0.064 levels," said WazirX Trade Desk.
Other digital tokens' performance also gained as Solana, Cardano, Avalanche, Polygon, Stellar, Uniswap, Polkadot, Terra (Luna), Litecoin, prices were trading with cuts over the last 24 hours whereas XRP slipped.
Cryptocurrencies have been swept up in a sell-off this year in risk assets, which has picked up steam as data showed US inflation running hot, deepening investor fears about the economic impact of aggressive central bank tightening. The downturn in the crypto market which started in April has wiped billions of dollars in market value within a month.
(With inputs from agencies)
