Crypto Price Today: Bitcoin holds $30,000; Ethereum, Dogecoin & Shina Inu fall up to 4%

Crypto markets were down on Wednesday during the early hours in Asia. Bitcoin was able to make some gains where Ethereum posted a big fall on the eve of its Shapella Upgrade. Traders keenly awaited the US inflation numbers later in the day for the monetary policy pathway in the days to come.  

Bitcoin was slightly down but was able to hold the key psychological levels of $30,000 it scaled the other day for the first time after June 2022. However, Ethereum plunged as much as 3 per cent to slip below the $1,900 level once again. Pain in the altcoins was more severe.

Most cryptocurrencies experienced a minor drop ahead of March's release of US CPI data later in the day. After attempting to rise and break through the $30,450 resistance level yesterday, Bitcoin has since been consolidating at $29,930, said Edul Patel, Co-founder and CEO at Mudrex. "The next support level for BTC is around $29,400, while resistance is at $30,250. Meanwhile, the entire cryptocurrency industry is eagerly waiting for the launch of the Shanghai upgrade today, which will enable phased staking withdrawals," he said.  

Barring the US dollar-pegged stablecoins and Solana, all other top crypto tokens were trading lower on Wednesday. Tron tanked 6 per cent after being delisted from Binance. Dogecoin and Shiba Inu plunged 4 per cent, each, followed by a 3 per cent fall in Polygon, Litecoin and BNB.

The global cryptocurrency market cap was trading slightly lower, around $1.22 trillion, falling more than a per cent in the last 24 hours. Similarly, the total trading volumes dropped over 6 per cent to $42.65 billion. US inflation fell to 0.4 per cent from 0.5 per cent the previous month and to 6 per cent annually from 6.4 per cent. However, upcoming data may show a significant increase as core CPI may have risen higher than headline CPI for the first time in a while, said Sathvik Vishwanath, Co-Founder & CEO, Unocoin. "From a technical analysis perspective, the BTC/USD pair shows a clear bullish trend at the $30,000 milestone with potential resistance at $31,000 or even $32,250 if this level is breached," he said.  

Tech View By Giottus Crypto Platform

After lingering near a macro-Fib resistance of around $28,000 for more than three weeks, Bitcoin (BTC) has finally surpassed the critical $30,000 mark in the past few days, giving a strong boost to the bulls.

With no significant resistance immediately ahead, BTC seems well-positioned to challenge the next Fib resistance close to $32,000 in the days to come. Moreover, the robust support provided by the 0.38 Fib level at $28,000 serves as a safety net, instilling confidence in the bulls to keep pushing BTC higher.  

An ascending trendline, in play since October last year, would offer additional reassurance. An optimistic outlook could see BTC testing the golden pocket at $35,722 if the current bull run continues. However, it's worth noting that BTC's RSI is currently around 80 - clearly overbought. If a correction does occur, BTC could potentially fall to its 50-day moving average near the $25,500 mark. Major Levels Resistance: $31,875, $35,725, $37,100 Support: $28,000, $25,694, $23,200(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.)