Crypto market overview: Over the weekend, Bitcoin and Ethereum prices have remained relatively stable, with minor downward movement in the last 24 hours.
Bitcoin has lost around 1 per cent in the last 24 hours and ETH lost close to 1.9 per cent. On the other hand, Dogecoin has gained more than 3.5 per cent and currently trading at 0.8188.
The crypto fear and greed index has also lost 7 points and hovers around 66 points, still indicating the greed sentiment in the market.
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While sharing the crypto market insights with Republic, CoinDCX Research Team said, “BTC has been consolidating for over three weeks within a broad range of $35,000 to $38,000. In the current week, BTC attempted to surpass the significant resistance at $38,000 but failed. A successful break and sustained hold above $38,000 would be considered a bullish sign. Conversely, breaking down the major incline trendline support at around $36,500 could lead to a decline in prices.”
“For ETH, overcoming the crucial resistance at $2,130 is essential for a bullish scenario. A solid close above this level could propel the price higher. However, if ETH fails to break this resistance, it might test lower demand levels around $1,900,” CoinDCX added.
Parth Chaturvedi, Investments Lead, CoinSwitch Ventures said, “With steady resistance to cross the $38,000 mark, BTC held steady above $37,000 over the weekend. Investors feel that BTC’s price action is beginning to show downside correction. If BTC fails to rise beyond $38,000, it could start a fresh decline for itself. However, if we don’t look at BTC in isolation, many investors believe that it showcases upside potential for the crypto market, especially after Blackrock’s BTC ETF (iShares Bitcoin Trust) presentation to the SEC representatives.”
In terms of price action, Axie Infinity (AXS) has been one of the highest gainers as it jumped 15.9 per cent in the last 24 hours. According to the data from DappRadar, the play-to-earn blockchain game recorded an increased demand in November; the number of wallets interacting with the game increased by 30 per cent.
“In addition to the recent uptick of DeFi, Decentralised exchange dYdX is set to unlock $500 million of tokens in its first significant emission. Simultaneously, the governance body of the Cosmos Hub has approved a proposal to reduce the maximum inflation rate of its native token Atom from about 14 per cent to 10 per cent,” Chaturvedi added.
Sudeep Saxena, Co-Founder, CoinGabbar, highlighted the lack of any major updates behind the limited movement in crypto charts. Saxena said, “Over the weekend, the absence of BTC spot ETF-related updates kept Bitcoin trading within a certain range. Investors are anticipating the second deadline on January 1, 2024, for the Hashdex and Franklin Bitcoin ETFs. This upcoming deadline may compel the SEC to take action in response to developments in the ETF space.”
Edul Patel CEO of Mudrex, mentioned the next resistance for Bitcoin while talking to Republic. Patel said, “Bitcoin breached the $38,000 threshold over the weekend, however, the bulls could not sustain the price movement and Bitcoin finally consolidated around the $37,300 level. To continue the bullish trend, Bitcoin will now need to overcome the resistance at $37,700, or risk finding support around $37,100. On the other hand, Ethereum has been consistently trading above the $2,000 level during the same period.”
