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In cryptocurrencies, Bitcoin prices today were trading over 1% lower at $56,383. The world's largest cryptocurrency by market capitalization reached almost $65,000 in April, and is up 94% this year (year-to-date) so far.
“With Bitcoin breaking above $57K, the bulls seem to be holding back the strong buying momentum. BTC is at its highest level in the last 5 months and looks set to cross the $60K mark. However, the RSI indicator is almost 80, which indicates that Bitcoin is very overbought and a decline or correction is imminent. Immediate support for BTC is at $53K and in case of a strong decline, the next support is at $40K," said Siddhartha Menon, COO of WazirX.
Ether, the coin linked to ethereum blockchain, was trading marginally lower at $3,509. Cardano slipped to $2.14 whereas dogecoin gained to $0.22. Other digital tokens like XRP, Uniswap, Stellar also plunged, on the other hand, Binance Coin, Solana were trading with gains over the last 24 hours.
“Ethereum, on the other hand, appears to be weakening against BTC. ETH/BTC can be seen exiting the bottom of the descending channel pattern, momentarily heading below the 0.06 mark. The ETH/BTC trend has fallen below its 200-day moving average today and has fallen by close to 15% over the past week, potentially indicating further declines. The next support could be at the level of 0.056," Menon added.
Meanwhile, Cryptocurrency products and funds registered their eighth straight week of inflows and garnered $226 million in investments last week, a CoinShares report showed. Over an eight-week run, total crypto product inflows hit $638 million, with a year-to-date total of $6.3 billion.
Bitcoin saw fourth straight week of inflows of $225 million. Ethereum, saw minor outflows totaling $14 million, data showed. Altcoins such as solana and cardano posted inflows of $12.5 million and $3 million respectively, while other digital tokens, namely polkadot, ripple and litecoin posted outflows.
(With inputs from agencies)
