Crypto Price Today: Bitcoin holds $30,000; Ethereum below $1,900; Litecoin, Tron drop up to 4%

Bitcoin and other top crypto tokens were down on Friday as traders were cautious ahead of key economic data and rate hike cues by the central banks. The crypto market will have its eye on inflation numbers and jobless claims, two figures that the Fed will consider when making its next moves on rates.
 
Bitcoin continued to weaken further on Monday. The largest crypto token dropped further but managed to hold around $30,000-mark. Its largest peer, Ethereum, also declined slightly and slipped below $1,900-level. However, price action in other altcoins was majorly on the downside.

Bitcoin entered the new week with a sideways trading pattern, maintaining its position above the $30,000 mark. It has been trading between the level $30,000 and $31,400 since the past few days. This range suggests that both bullish and bearish forces are actively participating in the market, said Edul Patel, Co-founder and CEO at Mudrex.

"There is a decrease in volatility since last week, indicating a consolidation phase for its next move. If bulls fail to sustain the US$30,000 support level, the next key support level to monitor would be around $29,500, potentially triggering a breakout," he added.

All of the top crypto token were trading lower on Monday. Litecoin dropped as much as 4 per cent, while Tron declined 3 per cent each. Polkadot, Dogecoin, Solana and Cardano shed 3 per cent each during the early trade. XRP and BNB were also among the top laggards.

The global cryptocurrency market cap was trading lower, dropping to $1.17 trillion-mark as it declined almost a per cent in the last 24 hours. However, the total trading volumes surged more than 9 per cent to $22 billion.

Tech View by Giottus Crypto Platform
BNB is currently moving sideways within a horizontal channel in the medium long term, which indicates further development in the same direction. The candle sticks have inched closer to the $240 level in the past two days which is also its 20-day moving average.

If there is an upside momentum, additional gains could potentially drive the price towards the resistance levels of $265 and $280. The RSI slope is moving upwards which indicates that the underlying buying pressure for BNB is increasing gradually. However, if BNB fails to withhold the $225support level, it could encounter renewed selling pressure.

Major Levels:
Support: $225,$215
Resistance: $245, $265, $280


(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.)