Crypto Price Today: Bitcoin briefly tops $26,000; Avalanche, Solana, Dogecoin jump up to 6%

Buoyant sentiments continued to prevail in the crypto market as Bitcoin and other tokens extended their gains for the straight third day. However, the gains were capped and some tokens saw some profit booking during the early trading hours in Asia.

Traders expect that the worst is over for the digital token market after the global fallout triggered by the American banking sector. Coupled with this, the US inflation numbers were in-line with the expectation, hinting that aggressive rate hikes by the US Fed are likely to be scrapped.

Bitcoin briefly topped the $26,000 market before giving up some gains. The largest crypto token was last seen below $25,000 level. Its largest peer Ethereum also attempted to top $1,800 but was barely holding the $1,700 mark at the time of writing this report. Altcoins outperformed the blue-chip tokens a few rose up to 35 per cent.

Bitcoin, the world’s largest crypto asset surged by over 12 per cent in the last one week. The UK government bailing out the Silicon Valley Bank has created a positive sentiment within the investment community and which may have increased buying activity, said Shivam Thakral, CEO of BuyUcoin.

On the back of US CPI numbers pinning inflation at expected 6 per cent, Bitcoin (BTC) broke through the $26,000 level and was up by about a strong 30 per cent in the last 2 days. This is BTC’s highest since June 2022. The fact that BTC has only one strong near-term resistance in its golden pocket at $25,959 should further give merit to its bullishness

 But it has shed its gains and is trading below $25,000 again. Thus, despite a continuation of a bullish market structure with higher highs and higher lows, its bullish scenario of targeting the next resistance at $28,790 should be on pause for now.

BTC’s 50-day and 200-day moving averages (at $22,944 and $19,716, respectively,) coupled with its RSI of around 80 indicate that it might be overbought. BTC might end up falling down to its next support at $23,965 before its next attempt at a higher move.

Major Levels
Resistance: $25,960, $26,670, $28,800
Support: $23,965, $21,970, $19,500(Views and recommendations given in this section are the analysts’ own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.)

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