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Crypto Price Today: The global crypto market has shown a mixed trend today. While Bitcoin and Ethereum saw a positive move, several altcoins continued to struggle. Friday’s US Jobs Report had a notable impact on the market sentiment, easing fears of an economic downturn. This resulted in a surge of demand for riskier assets like cryptocurrencies.
The Nasdaq Composite Index rallied by 1.22%, reflecting investor optimism. The upbeat report reduced expectations of a 50-basis point November Fed rate cut, shifting expectations to a more modest 25-basis point cut. Investors are hopeful that the US can avoid a recession, further strengthening risk appetite.
Friday’s US Jobs Report boosted demand for US Bitcoin spot ETFs, tilting the supply-demand balance in favor of BTC. The US BTC-spot ETF market saw net inflows of $25.6 million. Although modest by historical standards, these inflows were significant for BTC’s price trends. US BTC-spot ETF market flow trends continue to influence Bitcoin demand, particularly amidst ongoing oversupply risks.
Bitcoin opened at $63,666 and reached a high of $63,685 on Binance’s 30-minute chart. However, it faced a brief decline, touching a low of $63,345. Currently, Bitcoin trades at $63,529, a minor decline of 0.21%.
The Bollinger Bands indicate increased volatility in the market, with the upper band at $64,075 and the lower band at $61,989. The recent spike in Bitcoin’s price to $63,970 faced resistance, indicating that bulls are struggling to maintain upward momentum.
A pivot point analysis shows that support levels for Bitcoin stand at $61,989 and $63,032. Resistance levels are at $64,075. The pivot levels provide a strong indication of market sentiment, hinting that Bitcoin may continue consolidating unless a breakout above $64,075 occurs.
The 30-minute Bitcoin chart shows that BTC faced resistance around $64,000. The price formed a double top pattern at $63,970.19 and $63,685.00, suggesting a potential bearish reversal. The price action indicates that Bitcoin may face further downward pressure if it fails to break above these resistance levels.
The volume bars show a notable increase during the price surge, followed by a decline, indicating that the buying momentum has slowed down. The RSI is currently at 55, suggesting a neutral stance but with a tendency to move towards the overbought region if buying resumes.
Ethereum has gained 3.34% over the last 24 hours but remains down by 4.98% on the weekly chart. Ethereum’s price movement indicates an attempt to recover from recent losses. The immediate support for Ethereum is at $2,460, with resistance at $2,520.
Solana showed one of the most significant gains today, rising by 5.05%. Solana’s rally is primarily driven by renewed investor interest in its smart contract capabilities and DeFi potential. The next major resistance for Solana lies at $155.00.
Polkadot and Ripple have underperformed. Polkadot is struggling to hold above $4.25, while Ripple remains at $0.54 after a sharp decline of 16.22% over the week. Ripple’s price action suggests that it may continue to face selling pressure if it fails to break above $0.56.
Several altcoins have shown strong performances. Shiba Inu (SHIB) surged by 7.37% in the last 24 hours. SHIB’s price rise is driven by various factors. However, the price remains volatile, and traders should exercise caution.
1. Mog Coin (MOG): $0.00000172 (+19.68%)
2. Dogwifhat (WIF): $2.66 (+17.70%)
3. Popcat (SOL): $1.41 (+16.08%)
4. Bittensor (TAO): $642.16 (+14.56%)
5. EigenLayer (EIGEN): $3.57 (+12.99%)
Mog Coin led the pack, gaining 19.68% over the last 24 hours. These gains are attributed to the recent positive sentiment in the meme coin market. However, such tokens are highly speculative, and investors should tread carefully.
1. Monero (XMR): $146.83 (-4.58%)
2. FTX Token (FTT): $2.59 (-4.44%)
3. Kaspa (KAS): $0.1443 (-2.12%)
4. Tether Gold (XAUt): $2,646.99 (-0.26%)
Monero and FTX Token were the biggest losers today. Monero’s decline can be linked to a lack of significant updates and a drop in privacy coin demand. Meanwhile, FTX Token continues to face skepticism due to the ongoing fallout from FTX’s legal troubles.
For the week ahead, Bitcoin needs to hold above $63,000 to maintain its bullish trend. A break above $64,000 could set the stage for a move towards $65,000. On the downside, a drop below $63,000 could lead to further losses, with $62,000 being the next key support level.
Ethereum, on the other hand, needs to stay above $2,450 to avoid a bearish trend. The key resistance for Ethereum is at $2,520. A breakout above this level could push ETH towards $2,600.
Today’s crypto market saw a mixed performance, with Bitcoin and Ethereum showing signs of strength. The market remains sensitive to macroeconomic developments, particularly in the US. The coming week will be crucial for determining the next direction for major cryptocurrencies.
Investors should closely monitor the market for any updates on the US Fed’s interest rate decision and the ongoing developments in the US BTC-spot ETF market. With the market poised for potential volatility, it’s essential to stay informed and ready to act on emerging trends.
