Bitcoin was back in green on Monday after US SEC delayed spot Bitcoin ETF decision for all applicants including BlackRock, Fidelity, and others until October. The SEC began reviewing the latest slate of applications, from both crypto-heavy and traditional finance firms. However, positive economic data supported the sentiments.
After a strong beatdown, Bitcoin was back in the green today as the largest crypto token added about a half-a-per cent. Although, it remained below $26,000-level. Its largest peer, Ethereum, also edged slightly lower to hold above $ 1,600-mark. Price action in the altcoins remained on the positive note but the gains were capped.
Bitcoin is currently trading close to the $26,000 mark. Over the weekend, it experienced a temporary drop, reaching the $25,700 range before swiftly rebounding. This volatility might be due to the uncertainty generated by the US SEC’s decision to postpone its evaluation of Bitcoin spot ETF applications until October, said Rdul Patel, Co-Founder & CEO at Mudrex.
“Furthermore, the withdrawal of Bitwise’s Bitcoin spot ETF application, triggered by the SEC’s delay, may have contributed to market fluctuations. IIf Bitcoin continues trading below $26,000, a continued downward trend might be possible. Meanwhile, Ethereum’s price stands at approximately $1,650. Altcoin Stellar has grown by over 6 per cent in the last 24 hours,” he said.
Barring a few exceptions, all top crypto tokens were trading slightly higher on Monday but the gains were capped. Toncoin and XRP gained 2 per cent each, while Cardano, Polygon, Solana and BNB rose about a per cent each. Shiba Inu dropped more than a per cent during the early day.
The global cryptocurrency market cap was trading slightly higher, rising to $1.05 trillion-mark, as it gained more than half-a-per cent in the last 24 hours. However, the total trading volumes shed marginally to $20.79 billion.
Tech View by Giottus Crypto Platform: Toncoin (TON) has experienced a significant gain over the past few days due to wider positive sentiment and is trading around $1.88 today. The price action has started registering short line candles in the daily chart, indicating that TON is currently entering a consolidation period.
TON can consolidate between the range of $1.8 and $1.95. If the price successfully surpasses this level, it could potentially lead to the resistance at $2. In case of a drop, the 9-day moving average is currently at $1.75 acting as its first line of defence, followed by the 20-day EMA at $1.62. Its RSI is moving sideward indicating an underlying buying pressure, as it sits well above in the overbought territory.
Major Levels: Support: $1.75, $1.62 Resistance: $2, $2.15
(Views and recommendations given in this section are the analysts’ own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.)