Bitcoin extends decline and ends 14-day winning streak. Check cryptocurrency prices today

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In cryptocurrencies, the price of Bitcoin today extended its declines after posting a rare 14-day winning streak as a climate of caution supplanted risk appetite that lifted a variety of investors. assets at the beginning of the year. The world’s largest cryptocurrency was trading around 3% lower at $20,759. The global crypto market capitalization today fell nearly 4% in the past 24 hours to $1 trillion, according to data from CoinGecko.

Most cryptocurrencies saw declines as the market reacted to the US crackdown on the Bitzlato exchange. Bitcoin briefly broke above its resistance at $21,480 but was unable to sustain the gains, potentially attracting some profit taking from short-term traders. If it can rise above $21,400, it can attract buyers and drive the price up even further. Ethereum managed to break above its resistance at $1,600 but failed to close above it. Its immediate support is now at $1,490 and its resistance at $1,550,” said Edul Patel, CEO and co-founder of Mudrex.

Bitcoin’s 14-day relative strength index has risen from above 90 but remains above 70, the threshold for so-called overbought conditions, Bloomberg reported. For some strategists, this hints at the possibility of a pause in Bitcoins 2023 advance.

On the other hand, Ether, the coin linked to the Ethereum blockchain and the second largest cryptocurrency, also slid more than 4% to $1,526. Meanwhile, the price of dogecoin also traded down more than 6% to $0.08 today, while Shiba Inu fell more than 11% to $0.000011 today.

Performance of other crypto prices also fell today as Tether, Stellar, XRP, Polkadot, Chainlink, XRP, Solana, Avalance, Polygon, Apecoin, Tron, Solana, Litecoin, Uniswap prices traded lower in the last 24 hours.

Bitcoin and a gauge of the top 100 tokens have both jumped more than 20% this year, mitigating at least some of last year’s digital asset rout. This is largely due to the idea that debilitating interest rate hikes are coming to an end as inflation wanes. Cryptocurrencies have lost around $2 trillion since peaking in November 2021. The crypto sector also continues to deal with the fallout from the collapse of the FTX exchange.

(With agency contributions)

The opinions and recommendations made above are those of individual analysts or brokerage firms, and not of Mint.

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