On Monday, major cryptocurrencies fell, owing to profit booking in digital tokens. Except for Shiba Inu and Solana, seven of the top ten cryptocurrencies traded lower as of 9.30 IST. Shiba Inu increased by 13%, whereas Solana increased by 5%. Ethereum lost 4%.
Global cryptocurrency market capitalization decreased by around a couple of percentage points, falling below the $2.59 trillion mark from the previous day. However, the entire volume of the cryptocurrency market fell more than 10% to $131.44 billion.
Ether, the second-largest cryptocurrency, surged past $4,400 on Friday, fueled by solid sentiment toward the most widely used blockchain network. It did, however, surrender some gains over the weekend.
Proassetz Exchange’s Tech View
Following a fresh all-time high just shy of $67,000 on October 20, Bitcoin has been consolidating in a range for the last several sessions, although with a little downward tilt. While longer timeframe trends are undoubtedly upward, we also observe lower top formations on shorter timeframes, such as 4-hour charts.
However, the near-term slump is projected to give way to the longer-term upswing. The first sign of a resumption of the uptrend will be a break over $62,550, the current resistance level. Once this resistance is overcome, the next likely objective for Bitcoin is $64,900, followed by $67,000.
BTC finds support between $59,700 and $58,590. On a 4-hour chart, there is also a golden cross-over of the 21- and 50-bar averages. However, this bullish signal will be confirmed only if prices successfully break through the $62,550 mark.