Crypto Price Today: Bitcoin fails to hold $26,000 levels; Ethereum slips below $1,750; BNB rises 6%

Bitcoin and other crypto tokens were little changed during the early Asian trading day on Wednesday ahead of the US Fed's monetary policy due later today. Traders await clarity if the US central bank will skip the rate hikes after better-than-expected inflation data before making any decisive call.
 

Bitcoin was back in the red as the largest crypto token dropped about a per cent to slip below the $26,000 mark once again. Its largest peer, Ethereum, was also down, crept marginally but remained under $1,750 levels. However, action in the altcoins remained mixed during the early day.

Bitcoin was seen changing hands between the $25,900 and $26,010 levels over the last 24 hours, with no significant price movements, as market participants awaited the FOMC meeting scheduled for today. The release of the US CPI report, revealing a decrease in inflation to 4 per cent in May 2023, provided some support to Bitcoin, said Edul Patel, Co-founder & CEO at Mudrex.
"With ongoing concerns regarding SEC lawsuits targeting Binance and Coinbase, investors remained quiet, resulting in Bitcoin's price remaining stagnant below the $26,000 mark for the past four days. Currently, BTC finds support at the $25,750 level, while resistance can be observed around $26,150," he said.
 

Top crypto tokens were trading mixed on Wednesday. Among the gainers, BNB surged more than 6 per cent, while Shiba Inu and Avalanche gained 2 per cent, each. On the downside, XRP dropped 2 per cent, while Solana, Cardano and Litecoin shed a per cent, each.

The global cryptocurrency market cap was trading flat, almost unchanged at the $1.06 trillion mark as it was marginally down in the last 24 hours. However, the total trading volumes jumped as much as 10 per cent to $31.96 billion.

Crypto markets have experienced a period of stability during the weekend, with little change in total capitalization, which stands at $1.07 trillion. Bitcoin (BTC) prices have remained steady at $26,000, while Ethereum (ETH) has seen a slight dip to $1,750 at the time of writing, said CoinDCX Research Team.

"However, this week promises to be a pivotal one for the crypto market as it faces a series of macroeconomic events. The outcomes of inflation metrics, a Federal Reserve rate decision, and the unsealing of the 'Hinman documents', which could impact the Ripple v. SEC case, will significantly influence the crypto market throughout the week," it said.

Image: Crypto-chart-price

Tech View by Giottus Crypto Platform

Avalanche (AVAX) is showing signs of forming a bottom. The price recovered sharply to about $12 yesterday and is currently trying to consolidate in the short range of $11-$13. AVAX is facing immediate resistance at $12.5 and if it successfully surpasses this level, it could lead to further increases toward the resistance at $14.

Image: Chart-AVAX
 

However, if AVAX fails to withhold the $11.2 support level, it could encounter renewed pullback. Its RSI slope is declining which indicates that the underlying selling pressure is increasing with current levels in oversold territory (30.3).

Major Levels:
Support: $10, $11.2
Resistance: $12.5, $14



(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.)