Bitcoin trades near $62,000; inflation, geopolitical risks remain key market drivers
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Bitcoin is trading close to the $62,000 mark, recovering from around $58,000 a week ago.
Despite the rebound, investors remain cautious as inflation, Middle East geopolitical tensions, energy prices and ETF flows continue to shape market sentiment.In the past 24 hours, Bitcoin was up 1.37% and Ethereum was up 2.30% to trade at $1,754 mark.
Among the major altcoins, BNB, XRP, Solana, Tron, Hyperliquid, Dogecoin and Cardano gained upto 6.83%.Also Read | Why is Parag Parikh Flexi Cap Fund still a top recommendation despite underperformance?
Expert explains The global crypto market capitalisation was up 1.38% to $2.17 trillion, according to CoinMarketCap.Nischal Shetty, Founder, WazirX said the prospect of a more accommodative Federal Reserve policy helped improve sentiment across risk assets, allowing Bitcoin to recover above the $60,000 mark, while Ethereum also benefited from renewed institutional interest as spot ETFs recorded fresh inflows.Shetty further said that from a technical perspective, Bitcoin continues to hold the $60,000-$61,000 support zone, with $63,000-$64,000 emerging as the next key resistance.
For Ethereum, traders are watching $1,650-$1,680 as immediate support, while $1,750-$1,800 remains the next major resistance area.
In the past week, Bitcoin and Ethereum were up 3.62% and 11.05%.
Among the major altcoins, BNB, XRP, Solana, Tron, Hyperliquid, Dogecoin and Cardano rallied upto 19.16%.Harish Vatnani, Head of Trade, ZebPay said Bitcoin rebounded after finding support at its recent double-bottom formation near $58,000 last week.
Despite the recovery, the daily RSI remains below the 50 level, indicating that the broader momentum is still negative.“Ethereum found support at its double-bottom formation near the $1,505 level and has rebounded sharply.
The daily RSI has crossed above the 50 mark, reflecting improving bullish momentum”Also Read | 11 equity mutual funds multiply lumpsum investments by 4x in 7 years.
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Vatnani further said that Ethereum and Solana investment products continued to attract inflows, while Bitcoin ETFs recorded net outflows of more than $290 million, reflecting a shift in institutional investor sentiment.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own.
These do not represent the views of The Economic Times) ...