Crypto Price Today: Bitcoin breaches $31,000; Ethereum below $1,950; Bitcoin Cash, Polkadot shed 4%

Bitcoin and other top crypto tokens saw some profit booking as the US observed a holiday on Tuesday and trading volumes remained slim in the Asian markets. However, key macroeconomic data and US Fed's minutes of meeting due later today will guide the markets over rate hike cues.
 
Bitcoin saw some profit booking on Wednesday as the largest crypto token dropped more than a per cent to slip below $31,000-mark. Its largest peer, Ethereum, was also down, dropping more than a per cent to breach $1,950-level. However, price action in other altcoins was mixed.

Bitcoin experienced a surge above the $31,000 mark recently, but it is currently consolidating around the $30,800 level as market participants eagerly await the release of the FOMC minutes today. Despite being down by 54% from its all-time high, Bitcoin has still achieved a substantial 86% gain year-to-date, said Edul Patel, Co-founder and CEO at Mudrex.

"The market sentiment is currently balanced, with neither bulls nor bears dominating, as Bitcoin trades within the range between support and resistance levels. If the price manages to close above the $31,000 zone consistently in the coming days, there is a possibility of Bitcoin surpassing the $32,000 mark in the near future. Meanwhile, Ethereum is trading at $1,940," he said.

Barring the US dollar pegged stablecoins and Tron, all other top crypto tokens were trading lower on Wednesday. Polkadot and Bitcoin Cash dropped 4 per cent each, while Toncoin was down 3 per cent. Litecoin, Cardano and Polygon declined 2 per cent each.

The global cryptocurrency market cap was trading lower, dropping to $1.21 trillion-mark as it declined more than a per cent in the last 24 hours. However, the total trading volumes plunged almost 24 per cent to $29.01 billion.

The world's largest digital asset crossed the $31,000 mark, rising 2 per cent from the previous day after a few prospective bitcoin ETF issuers refiled their applications. The refiled applications came after the SEC rejected several spot bitcoin ETF applications in recent months, said CoinDCX Research Team.

"Meanwhile, Liquid staking tokens (LSTs) have begun to pick up momentum this month as the second half of the year edges closer toward a highly anticipated Ethereum upgrade. LST platforms and protocols like Lido and Rocketpool have so far accrued $20 billion in total value locked, representing around 10.3 million ETH," it added.
 

Tech View by Giottus Crypto Platform
Ethereum (ETH)is in an ascending trend under some bullish momentum with the asset trading above the 100-day moving average.ETH price is trying to consolidate between the range of $1,925 and $1,975, where it is facing immediate resistance. If the price successfully surpasses this level, it could potentially lead the asset towards next resistance at $2,025.

Its RSI is rising which indicates that the underlying buying pressure for Ethereum price is increasing. This bullish divergence increases the possibility of a rally towards the trendline. On the down side, if ETH fails to hold the $1,900 support level, it could encounter renewed selling pressure.

Major Levels:
Support: $1,900, $1,861
Resistance: $1,975, $2,025


(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.)