Crypto Price Today: Bitcoin tops $28,500; Ethereum above $1,800; Cardano, Polygon rise up to 8%

Crypto majors are beginning the trading day in the green as a short squeeze pushes up the price of bitcoin. Positive news flow from global institutions is pushing the markets higher. However, traders will keenly be awaiting US Fed chair Jerome Powell's comment later in the day.

  Bitcoin extended its gains, leading the pack, as the largest crypto token surged as much as 7 per cent to top $28,500 mark. Its largest peer, Ethereum, was also up as it jumped about 5 per cent and reclaimed the $1,750-level. Price action in other altcoins was on the higher side. Most cryptocurrencies saw a surge following Deutsche Bank's application for a license to provide crypto custody services. Bitcoin, in particular, showed strength as it surpassed the $28,500 mark, a level not seen in the past two weeks. On Tuesday, BTC broke through a significant resistance level, indicating a positive trend, said Edul Patel, Co-founder and CEO at Mudrex. "The primary driving force behind this rally seems to be the increasing institutional interest in Bitcoin, as evidenced by recent filings for a spot Bitcoin ETF by BlackRock and Fidelity Investments. Presently, BTC finds support around $28,450, while resistance levels are situated at $29,000 and subsequently $30,000. Overall, the market exhibits a bullish outlook," he said. Top crypto tokens were trading with big gains on Wednesday as all top crypto tokens seen in green Cardano surged 8 per cent, while Polygoin and Litecoin were up 6 per cent each. Polkadot and Solana surged 5 per cent each, while BNB added 4 per cent in the early trade. The global cryptocurrency market cap was trading sharply higher, rising to $1.13 trillion-mark as it surged more than 5 per cent in the last 24 hours. However, the total trading volumes rallied about 60 per cent to $44.37 billion.  

Tech View by Giottus Crypto Platform Polkadot (DOT) has broken the ceiling of the falling trend in the medium term. The asset has reached a significant support region, rising above the lower boundary of the descending channel and the static support zone of $4.5.  

The price action indicates thatDOT remains within a descending channel and is presently heading toward its upper boundary. Additionally, the RSI indicator is leaning towards neutral territory with values inching towards 50(currently at44). If DOT manages to cross its 20-day moving average at $4.8, it can quickly rally towards $5.5 levels. Major Levels: Support: $4.6, $4.25 Resistance: $5.5, $6.0(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.)

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