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Bitcoin dropped to trading around the $25,600 level before consolidating to trading above the $26,000 level. Ethereum has been trading above the $1600 level. Meanwhile, Balancer, One of Ethereums top decentralized crypto trading projects, dropped nearly $100 million after discovering a critical vulnerability, said Edul Patel, CEO & Co-Founder of Mudrex.
Bitcoin has taken multiple supports in the past at the crucial level of $25,000 (Horizontal trendline & 50% Fibonacci Retracement). This time too, the prices have bounced slightly after testing the support and the lower longer shadow indicates buying around these levels.
The market cap of Bitcoin, the world's largest cryptocurrency, was around $557 billion. Bitcoin's dominance is currently 49%, according to CoinMarketCap.
Rajagopal Menon, Vice President at WazirX, said, "Major market oscillators point to a Buy sentiment. The Relative Strength Index (14) sits at 45, with a neutral outlook. The Stochastic %K (14, 3, 3) at 39 and the Average Directional Index (14) at 13 indicate a Neutral outlook."
"Crypto markets remained sideways over the weekend with Bitcoin trading close to $29,400. The lack of volatility has pulled Bitcoin futures trading volumes to their lowest levels since December 2022. This shows that traders may have been avoiding making moves at the current levels," said, CoinDCX Research Team.