Crypto Market Consolidates as Bitcoin and Ethereum See Slight Decline

Bitcoin and Ethereum see slight declines of 0.82% and 1.9%, respectively.

  • Bitcoin and Ethereum see slight declines of 0.82% and 1.9%, respectively.
  • Ethereum faces potential bearish trends, with significant support at $2,864.
  • Regulatory advancements in Turkey and India aim to structure crypto trading.

In the past 24 hours, Bitcoin (BTC) reached a high of $66,750 before falling to $65,408, marking a 0.82% decline. Despite this dip, the overall outlook for Bitcoin remains optimistic, with analysts anticipating new record highs soon.

Ethereum (ETH) surpassed its 20-day Exponential Moving Average (EMA) but struggles with Bitcoin’s volatility. Rajagopal Menon, VP of WazirX, notes that while social sentiment around ETH is cautiously positive, technical indicators suggest potential bearish trends, with significant support at $2,864 and resistance around $3,100. The upcoming SEC decision on ETH ETFs will be crucial.

The broader crypto market remains relatively stable, trading in a narrow range. Parth Chaturvedi, Investments Head at CoinSwitch Ventures, highlights that despite the decline in BTC and ETH, Chainlink (LINK) saw a 13.6% increase due to successful blockchain technology integration in traditional asset management.

On the regulatory front, both Turkey and India are making strides in developing crypto regulations. SEBI has proposed appointing multiple regulators to oversee crypto trading in India, moving towards a more structured regulatory framework. Additionally, cooling inflation data has sparked optimism in financial markets, potentially leading to a rate cut by the US Federal Reserve, positively impacting the crypto market.

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