Bitcoin price today has been hovering around since the collapse of the TerraUSD algorithmic stablecoin triggered a selloff in cryptocurrencies. The world’s largest and most popular cryptocurrency plunged over 2% and was trading at $29,396. The token is down 36% so far this year, and trading far below the peak of $69,000 it hit in November 2021.
“The 4-hourly trend for BTC is moving within a triangle pattern. An immediate support for BTC is expected at $24,000. The market sentiment continues to remain in the ‘extreme fear’ zone. A buying momentum and a trend reversal could soon change that,” said Siddharth Menon, COO of WazirX.
“Despite the high volatility, BTC managed to hold above its support at US$27,000, which is also the weakest in its year-long trading range. There are chances of BTC breaking below the current level in the coming days,” said Edul Patel Co-Founder & CEO of Mudrex.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, fell about 2% to $1987. Meanwhile, dogecoin price today was trading lower at $0.08 whereas Shiba Inu also was down almost flat to $0.000012.
Other digital tokens’ performance also declined as Solana, Cardano, Avalanche, Polygon, Stellar, XRP, Polkadot, Terra (Luna), Litecoin, prices were trading with cuts over the last 24 hours whereas Uniswap, Tron gained.
Cryptocurrencies have been swept up in a sell-off this year in risk assets, which has picked up steam as data showed US inflation running hot, deepening investor fears about the economic impact of aggressive central bank tightening. The downturn in the crypto market which started in April has wiped billions of dollars in market value within a month.
(With inputs from agencies)
