“Bitcoin has traded below the $28,000 area over the past 24 hours as investors await new U.S. productivity and jobs data this week. The immediate support is at the $27,500 level, while the resistance is at the $28,100 area and the trend line,” said Edul Patel, co-founder and CEO of Mudrex.
Other leading crypto tokens also traded lower. Dogecoin is down over 7%. Shiba Inu, Solana and BNB also traded down. The cryptocurrency’s global market capitalization was trading lower around $1.16 trillion, down 2.27% in the last 24 hours.
The total volume in DeFi is currently 3.62 billion, 10.61% of the total crypto market volume in 24 hours. The volume of all stablecoins is now $29.78 billion, which is 87.42% of the total crypto market volume for 24 hours.
The market cap of Bitcoin, the world’s largest cryptocurrency, was around $536.28 billion. Bitcoin dominance is currently 46.21%, down 0.16% on the day, according to CoinMarketCap.
“Bitcoin’s current price is $27,600 and hovers around a key trading range of $28,200 to $28,900.” An eventual breakout from this range will play an important role in determining the future direction of Bitcoin’s price,” Satvik Viswanath, Co-Founder and CEO of Unocoin, said.
Rajagopal Menon, Vice President of WazirX said, “The main market oscillators point to a neutral sentiment. The Relative Strength Index (14) is 62.71, with a neutral outlook. The Stochastic %K (14, 3, 3) and the Average Directional Index (14) indicate a neutral outlook, at 69.33 and 38.60, respectively.” The MACD level (12, 26), at 1198.04, indicates a sell. Stochastic RSI Fast (3, 3, 14, 14) and Williams Percent Range (14) continue to be neutral at 30.11 and −41.78 respectively,” Menon added.