Bitcoin prices have dipped below $92,500, with a market cap of $1.835 trillion and daily trading volume down by 35%. Institutional demand is driving market trends, with Bitcoin spot ETFs seeing significant inflows. Major altcoins showed losses, while Sui surged by 5%. Technical analysis suggests potential resistance and support levels for Bitcoin.
Current trends in the cryptocurrency market reveal a significant drop in Bitcoin prices, which have fallen below $92,500, leading to a market capitalisation of $1.835 trillion and a dominance of 63.43%. Daily trading volume also plummeted by 35% to $37.56 billion, with stablecoins comprising 93.57% of total crypto trades at $98.58 billion.
Institutional interest has been pivotal in driving recent market dynamics. According to Patel, Bitcoin spot Exchange-Traded Funds (ETFs) have seen net inflows exceeding $700 million, with weekly inflows surpassing $1 billion, bolstering confidence in the market. He noted that upcoming US jobless claims data could impact short-term market sentiment, and Bitcoin faces a notable resistance level at $96,300 alongside immediate support at $91,700.
Sathvik Vishwanath from Unocoin pointed out that Bitcoin’s price around $92,400 represents a psychological floor supported by increasing institutional inflows and declining exchange reserves, indicating accumulation. He also highlighted the emergence of a bullish golden cross, projecting a mid-term upwards trend, notwithstanding a slowing momentum as traders focus on the $95,000 resistance level, with consolidation likely until a breakout towards $100,000.
Within the altcoin market, most cryptocurrencies experienced minor declines. XRP dropped by 3.7%, Solana by 2.2%, and Dogecoin fell by 4.3%. Other notable declines included Cardano and Chainlink at around 2% each. Conversely, Sui rose by a remarkable 5% due to increased meme coin trading on its platform, as noted by Vikram Subburaj, CEO of Giottus.
In the technical analysis by ZebPay, Bitcoin, after reaching an all-time high of $109,588, entered a downtrend, correcting by approximately 32% to a low of $74,508. A ‘Long-Legged Spinning Top’ candlestick near the significant support at $73,500 indicated market indecision, followed by a rebound that led it back to $86,000. Subsequent trading ranged between $83,000 and $86,000 until Bitcoin broke out and rallied to $94,696. Current resistance levels are observed at $100,000 and $110,000, while $90,000 and $73,500 represent critical support regions.
