Bitcoin prices experienced a slight decline of 2.71 per cent on Wednesday, December 27th. At the time of writing, BTC was trading at roughly $42,218. On the other hand, the cryptocurrency has been trading above $42,000 for three consecutive days, though it has dropped by $688 (Rs. 57,270) in the last three days. BTC’s key resistance level is $44,500 (Rs. 37 lakhs) and its support level is $42,500 (Rs. 35.3 lakhs).
Rajagopal Menon, Vice President at Wazir Gadgets360, commented, “Today, Bitcoin experienced a decline in price as traders swiftly closed their positions amidst rising funding rates, leading to a shift from optimistic to pessimistic market sentiment. Despite this, an increase in trading volume indicates sustained market engagement amid these evolving scenarios.”
Ether also registered a minor loss of 0.75 per cent on Wednesday. At the time of writing, ETH was trading at roughly $2,220 (Rs. 1.84 lakh). Its key resistance level is $2,380 (Rs. 1.98 lakhs) and its critical support level is $2,250 (Rs. 1.87 lakhs).
Other altcoins such as Ripple, Cardano, Avalanche, Dogecoin, Polkadot, Tron, Chainlink, Shiba Inu have also been subject to losses on Tuesday.
The total crypto market capitalization has dropped by 0.27 per cent in the past 24 hours, with a sector value of approximately $1.65 trillion (Rs. 1,37,46,414 crore), as per CoinMarketCap. On the other hand, the crypto-fear and greed index is positive, having increased 2 points in the last 24 hours.
Edul Patel, Co-Founder and CEO of Mudrex, said, “The market is currently at a critical juncture with a narrow range, as both bulls and bears vie for control.”
Only a few cryptos have shown some profits on Wednesday, such as Tether, Solana, Binance Coin, USD Coin, Polygon, Wrapped Bitcoin, Uniswap, Leo, Monero, Elrond, Binance USD, and Bitcoin SV. Among them, Polygon and Binance Coin have done particularly well, with MATIC (+11 percent) crossing a dollar mark in almost seven months and BNB (+6.8 percent) crossing the 300-dollar mark for the first time in six months.
It is important to note that cryptocurrency is not a legal tender, and it is subject to market risk. This article is not intended as financial or trading advice and does not represent any advice or recommendation offered or endorsed by NDTV. NDTV will not be liable for any loss arising out of any investment based upon any perceived recommendation, forecast, or any other information provided in the article.
