Bitcoin
Cryptocurrency Price July 18: Bitcoin Drops Below $65,000 Level; Shiba Inu, XRP Plunge Up to 11%
Cryptocurrency Markets traded lower on Thursday, dragged down by Bitcoin, Ethereum and XRP. The global cryptocurrency market cap fell 1.1% to around $2.37 trillion in the past 24 hours. At 1:29 pm IST, Bitcoin (BTC) was trading 0.9% lower at $64,714, while Ethereum was down 1.5% at $3,434.
“Bitcoin (BTC) has dropped surprisingly in the last 24 hours after rising in the past few days. Analysts are predicting a liquidity crunch in the stablecoin market for Bitcoin’s price struggles. There is also a drop in overall optimism following Peter Schiff’s statement about his support for gold over Bitcoin, in addition to a fresh wave of negative sentiment due to the Mt. Gox sell-off,” said Rajagopal Menon, VP at WazirX.
Edul Patel, CEO of Mudrex, said: “If Bitcoin starts to move higher again, it could face resistance at $65,000, with support found at $63,850. Meanwhile, Ethereum is trading at $3,400, with bulls aiming to push the price towards $3,730. Sellers are expected to mount a strong defense around the $4,000 mark.”
Other altcoins and meme coins also fell, including BNB (1.5%), Solana (2%), XRP (6.9%), Toncoin (1.2%), Dogecoin (4.3%), Cardano (1.6%), Avalanche (4.4%), Shiba Inu (11%), Polkadot (4.2%), Chainlink (4.4%), and NEAR Protocol (3 .5%).
The volume of all stablecoins now stands at $68.86 billion, 92.36% of the total 24-hour cryptocurrency market volume, according to CoinMarketCap.
In the past 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, has fallen to $1.276 trillion. Bitcoin’s dominance currently stands at 53.97%, according to CoinMarketCap. BTC volume in the past 24 hours has fallen 24.4% to $29.59 billion.
“Bitcoin is currently consolidating below $65,000 amid heightened trading activity. It is holding gains on the weekly chart but is facing significant resistance near $64,500. A successful weekly close above $65,000 could boost its positive momentum in the coming days,” said Vikram Subburaj, CEO of Giottus Crypto Platform.
Meanwhile, Sathvik Vishwanath, co-founder and CEO of Unocoin, said, “Currently, Bitcoin (BTC/USD) is trading around $65,000, with resistance levels at $65,980, $66,940, and $67,940 and support at $63,980, $63,020, and $62,330. The RSI 61 and the 50-day EMA at $63,020 indicate positive momentum and reinforce Svenson’s bullish forecast.”
(Disclaimer:The views expressed by the experts are their own and do not necessarily reflect those of The Economic Times)
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