Bitcoin is above $63,000 as Cardano and NEAR Protocol gain
Bitcoin remained above $63,000 on Tuesday, demonstrating its resilience after a brief rejection above $64,000.
In the past 24 hours, Bitcoin experienced a slight decline of 0.2% and was trading around $63,400. Ethereum also saw a similar drop, falling to $2,640.
Market experts noted that Bitcoin continues to face resistance at $64,500, and a decisive close above this level is necessary to push the asset towards $65,000. However, failing to maintain this position could lead to a retreat down to $62,000.
According to Vikram Subburaj, CEO of Giottus, Bitcoin’s stabilization near $63,000 is a crucial range for the cryptocurrency as it awaits the next major move.
XRP, Toncoin, Avalanche, Shiba Inu, and Litecoin experienced varying performance, with slight declines ranging from 0.7% to 2%. In contrast, Cardano, NEAR Protocol, BNB, Solana, and Dogecoin saw gains of up to 7%, outperforming the broader market.
AI-focused tokens like TAO and NEAR Protocol were among the top performers, with NEAR showing remarkable strength. These tokens have attracted interest due to the expansion of blockchain applications in AI and decentralized finance, providing a bullish outlook for their future development.
For Bitcoin, experts indicate that the next major challenge is breaking through the resistance at $64,500. If Bitcoin can surpass this level, an increase towards $65,000 could follow. However, market observers are closely watching support levels, especially around $62,300. A drop below $62,000 might indicate further declines.
According to CoinMarketCap, Bitcoin’s market capitalization slightly decreased to $1.254 trillion, accounting for 56.25% of the total cryptocurrency market. Bitcoin’s trading volume over the past 24 hours fell by 2.42% to $26.6 billion, while stablecoins dominated trading activities, making up over 91% of total volume, reaching $63 billion.
Sathvik Vishwanath, founder and CEO of Unocoin, evaluated Bitcoin’s technical setup and told the Economic Times that while the MACD indicates a bullish crossover, the RSI shows a slowdown. If Bitcoin can maintain support above $62,000, a retest of $65,379 may occur. On the bearish side, a drop below $57,610 could pave the way for further declines, with support around $56,000.
Looking at recent price movements, Bitcoin has increased by 9.8% since the beginning of September, marking its best performance in September in over a decade. This recent rise sharply contrasts with Bitcoin’s historical downtrends in September of the past, making the current upward trend even more significant.
In the long term, rising institutional interest is expected to play a key role in sustaining Bitcoin’s growth. Eric Balchunas, a Bloomberg analyst, believes that as investors become more involved with Bitcoin ETFs, major issuers like BlackRock may continue to increase their Bitcoin reserves, tightening supply and potentially driving prices higher.
At the time of publication, Bitcoin was trading at $63,623, reflecting a strong market sentiment with a 7.7% increase over the past week, remaining above critical support levels.
