in cryptocurrencies, bitcoin prices Today was trading at $56,383 with a drop of 1%. The world’s largest cryptocurrency by market cap reached nearly $65,000 in April, and is up 94% so far this year (year-to-date).
“With Bitcoin breaking above $57K, bulls are blocking strong buying momentum. BTC is at its highest level in last 5 months and looks set to cross the $60K mark. However, the RSI indicator is around 80, Which indicates that bitcoin is overbought and a downside correction is imminent. The immediate support for BTC is at $53K and in case of a strong decline, the next support is at $40K,” said Siddharth Menon, COO, WazirX. said.
Ether, the coin tied to the Ethereum blockchain, was trading marginally lower at $3,509. Cardano slipped to $2.14 while Dogecoin rose to $0.22. Other digital tokens like XRP, Uniswap, Stellar also fell, on the other hand, Binance Coin, Solana were trading with gains in the last 24 hours.
“Ethereum, on the other hand, appears to be weakening against BTC. ETH/BTC can be seen exiting the bottom of a descending channel pattern that momentarily drops below the 0.06 mark. ETH/BTC trend It broke below its 200-day EMA today and is down about 15% over the past week, indicating a potential further downside. The next support could be at the 0.056 level.”
Meanwhile, cryptocurrency products and funds registered inflows for their eighth straight week and raised $226 million in investments last week, a CoinShares report revealed. During the eight-week period, total crypto product inflows reached $638 million, with a total of $6.3 billion in the year to date.
Bitcoin saw a fourth straight week of $225 million inflows. The data shows that Ethereum saw a modest total outflow of $14 million. Altcoins such as Solana and Cardano posted an inflow of $12.5 million and $3 million, respectively, while other digital tokens, such as Polkadot, Ripple and Litecoin, posted outflows.
(with inputs from agencies)
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