Crypto Price Today: Bitcoin holds above $97,000; Altcoins trade mixed (original) (raw)
Bitcoin (BTC) and major crypto tokens traded mixed on Thursday, 6th February. While Bitcoin, XRP, Solana, Dogecoin, Chainlink, Sui, Stellar, and Hedera saw declines of up to 2.5%, Ethereum, BNB, Cardano, Tron, Toncoin, and Litecoin gained, rising as much as 4%.
As of 10:53 am IST, Bitcoin was trading 0.3% lower at 97,714,whileEthereumsurgedover497,714, while Ethereum surged over 4% to 97,714,whileEthereumsurgedover42,827. Meanwhile, The global cryptocurrency market cap fell by 0.48% to approximately $3.2 trillion in the past 24 hours.
"Bitcoin is consolidating around 97,000afterencountering[resistance](/topic/resistance)near97,000 after encountering resistance near 97,000afterencountering[resistance](/topic/resistance)near99,000. The asset continues to hold at current levels, with strong buying interest on dips below $97,000," said Vikram Subburaj, CEO of Giottus.
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"Ethereum outperformed the broader market with a 4% gain as validators approved an increase in block transaction capacity. While Bitcoin dominance remains firm above 61%, altcoins are expected to recover gradually as Bitcoin steadies within this range," Subburaj added.
Alankar Saxena, Cofounder and CTO of Mudrex, said, "Bitcoin is holding steady at around 97,000asinvestorscarefullyevaluatethecurrentmarketconditions.Whileretailactivityissubdued,institutionalactivityispickingup,withBitcoinETFsseeingover97,000 as investors carefully evaluate the current market conditions. While retail activity is subdued, institutional activity is picking up, with Bitcoin ETFs seeing over 97,000asinvestorscarefullyevaluatethecurrentmarketconditions.Whileretailactivityissubdued,institutionalactivityispickingup,withBitcoinETFsseeingover350 million in net inflows over the past two days. Bitcoin now faces resistance at the 100,000mark,withstrongsupportat100,000 mark, with strong support at 100,000mark,withstrongsupportat95,800."
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In the last 24 hours, Bitcoin’s market cap dropped to 1.936trillion.Bitcoin’sdominancenowstandsat60.31.936 trillion. Bitcoin’s dominance now stands at 60.3%. BTC volume in the same period fell 33.95% to 1.936trillion.Bitcoin’sdominancenowstandsat60.346.79 billion. Meanwhile, stablecoins accounted for $112.8 billion of this volume, or 92.67%, according to CoinMarketCap.
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Bitcoin’s hopes for an immediate rebound faded as the crypto extended its decline on Feb. 5, following a highly volatile weekly open that saw price swings of nearly 11,000inasingleday.ForthesecondtimesinceJan.15,BTC’sdailychartclosedbelow11,000 in a single day. For the second time since Jan. 15, BTC’s daily chart closed below 11,000inasingleday.ForthesecondtimesinceJan.15,BTC’sdailychartclosedbelow100,000, signaling potential consolidation in the days ahead as traders reassess market conditions. Following the widespread liquidations, investors anticipated a cooling-off phase, using the opportunity to reposition and evaluate the likelihood of further downside.
Conversely, fresh data revealed that whale addresses accumulated over 30,000 BTC during the recent dip, a move that often precedes a short-term rebound. If Bitcoin manages to close above $100,000, it could invalidate the current bearish trend and temporarily shift momentum in favor of the bulls.
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BTC made an ‘Evening Star’ pattern at 108,353andthepricescorrectedalmostby17.5108,353 and the prices corrected almost by 17.5% dropping to 108,353andthepricescorrectedalmostby17.589,256. The asset took multiple support at 90,000andthelowerlongershadowaround90Kindicatedbuyingattheselevels.BTCresumedtheupmoveandmadeanewall−timehighof90,000 and the lower longer shadow around 90K indicated buying at these levels. BTC resumed the up move and made a new all-time high of 90,000andthelowerlongershadowaround90Kindicatedbuyingattheselevels.BTCresumedtheupmoveandmadeanewall−timehighof109,588 last week. Post this move, the asset is consolidating between 100,000and100,000 and 100,000and107,000. BTC has strong support at 99,000and99,000 and 99,000and85,000, whereas $110,000 will act as a strong resistance.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)