Current Crypto Price: BTC Jumps to $25,000, as ETH and XRP Increase by 2%
On Tuesday, the cryptocurrency market was trading at its peak, with ETH rising over 0.62% to $1,700, and BTC surpassing the $25,000 level. However, with the release of the Federal Open Market Committee (FOMC) on Wednesday, the market was affected and started trading at a lower level.
The volume of Bitcoin in the last 24 hours (and as at the time of this report) stood at approximately $27.52 billion, declining by 4.37% in the last 24 hours. The BTC is currently trading in a range of $23,700 to $25,200 with yet another resistance level at $25,200.
According to the available technical indicators like as RSI and MACD, they are showing divergence hence, indicating uncertainty among crypto investors. In an interview with Unocoin, Sathvik Vishwanath admitted that should the price collapse as low as $23,750, a level he referred to as a “support level,” traders should expect another support level to move to $22,850.
This statement indicates the possibility of a downward trend in the future. However, with Bitcoin currently above the $25,000 level, the market remains hopeful of more profitable days to come. The recent rise in Bitcoin and Ethereum prices could be attributed to several factors.
Firstly, the growing institutional adoption of cryptocurrencies has created a positive sentiment in the market. Companies such as MicroStrategy and Tesla have invested significant amounts of money into Bitcoin, which has boosted investor confidence.
What Further Market Analysis Say
Additionally, the low-interest-rate environment has also contributed to the surge in cryptocurrency prices. As central banks continue to print money and keep interest rates low, investors are seeking alternative investments, with cryptocurrencies being one of the most popular options.
The high volatility of the cryptocurrency market is never in doubt. While Bitcoin and Ethereum have shown promising growth, there is still a lot of uncertainty in the market. It is also believed that the FOMC’s decision and the ongoing re-emergence of the COVID-19 pandemic in most countries today could have significant effects on the market, and investors need to be cautious.
Meanwhile, the Vice President of WazirX, in a separate interview, had said that primary price indicators have continued to indicate an unbiased sentiment. In the latest report gathered from various crypto industry analysts, the recent rise in BTC and ETH prices is a positive sign for the market. However, with technical indicators showing divergence and the possibility of a downward trend, investors are advised to be cautious.
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