Crypto Price Today: Bitcoin Holds Over $27,600, Focus on US CPI Data

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New Delhi: Cryptocurrency markets were trading mixed on Wednesday ahead of US CPI data later in the day. Bitcoin (BTC) rose 0.45% to $27,622, while Ethereum (ETH) was just below the $1,850 level.

Meanwhile, BTC volume in the past 24 hours stood at around $13.72 billion, down 22.75% in the past 24 hours.

“Bitcoin has been trading sideways over the past 24 hours. BTC’s price has started to recover as blockchain congestion eases. On the other hand, investors are waiting for inflation from the IPC, which is expected to be released today,” said Edul Patel, CEO and co-founder. of Mudrex, said.

BTC is currently trading at the $27,600 level and facing resistance near the US$28,000 area, Edul said.

The global cryptocurrency market capitalization was trading at around $1.14 trillion, up 0.41% in the past 24 hours.

Total DeFi volume is currently 2.42 billion, or 7.78% of the total 24-hour crypto markets volume. The volume of all stablecoins is now $28.08 billion, or 90.09% of the total 24-hour crypto markets volume.

The market capitalization of Bitcoin, the largest cryptocurrency in the world, was around $535 billion. Bitcoin dominance is currently at 46.96%, an increase of 0.07% on the day, according to CoinMarketCap. “Bitcoin, the main cryptocurrency, faced considerable resistance around the $30,400 mark on April 14, which caused its value to decline noticeably. Projections point to a potential further decline in the market, with expectations for a decline to around $25,000,” said Rahul Jain, Head of Web3 Growth at BNS.

Moreover, if the price of Bitcoin falls below the critical $23.9,000 threshold, the price is expected to fall even further, Rahul added.

Rajagopal Menon, VP of WazirX, said: “Major market oscillators indicate neutral sentiment. The Relative Strength Index (14) sits at 43, with a neutral outlook. Stochastic %K (14, 3 , 3) at 15 and the Average Directional Index (14) at 17 also indicates a neutral outlook.

“The MACD level (12, 26), at 107, indicates a sell-off. The Rapid Stochastic RSI (3, 3, 14, 14) is neutral at 1 and William’s percentage is also neutral at 86,” Menon added.

Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 12:28 p.m., IST May 10, 2023)

Bitcoin $27,622 0.45% Ethereum $1,842 0.15% Tether $1.00 -0.03% BNB $312 -0.42% XRP $0.4284 1.15% Cardano $0.3628 0, 02% Dogecoin $0.07313 0.99% Polygon $0.8764 -1.35% Solana $20.62 0.49%Polkadot $5.34 -0.44%Tron $0.6926 1.09%Litecoin $79.45 1.31%Shiba Inu $0.000008928 1. 93%

(Note: price change in the last 24 hours)

(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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