Bitcoin and other crypto dropped on Wednesday morning after the ticker for BlackRock’s (BLK) spot bitcoin ETF – IBTC – was removed from the Depository Trust & Clearing Corporation’s (DTCC) website, only to be included later. However, the profit booking an impulsive buying in crypto is nothing new.
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Bitcoin saw some profit booking after a strong secular rally as the largest crypto token declined over a per cent but managed to hold about 34,000-levels. However, its largest peer, Ethereum, dropped almost 2 per cent but remained below $1,800-level. Majority of the altcoins were trading lower.
Bitcoin’s value recently crossed the $35,000 threshold following the sudden appearance of BlackRock’s spot bitcoin ETF (IBTC) ticker on the US Depository Trust & Clearing Corporation’s website. However, within the last 24 hours, prices settled back around $34,000 after the ticker’s temporary disappearance and subsequent reappearance, said Edul Patel,Co-Founder & CEO at Mudrex.
“This bullish momentum may also be linked to Grayscale’s legal triumph over the US SEC, as the DC Circuit Court of Appeals ordered the agency to reconsider its rejection of Grayscale’s spot bitcoin ETF application. These combined factors have fostered optimism among market participants, who are hopeful about the imminent approval of the Bitcoin spot ETF applications,” he said.
Barring a few exceptions, the majority of top crypto tokens were trading lower on Wednesday. Dogecoin and Polkadot tumbled over 3 per cent each, while Toncoin, Polygon, Solana and BNB were down 2 per cent each. Among the gainers, Chainlink rallied over 11 per cent, while XRP added about a per cent.
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The global cryptocurrency market cap was trading significantly lower, falling down to $1.25 trillion-mark, as it declined about a per cent in the last 24 hours. However, the total trading volumes dropped over 13 per cent to $69.61 billion.
Over the past 24 hours, both Bitcoin (BTC) and Ethereum (ETH) have experienced a decline, which could be linked to the temporary removal of BlackRock’s (BLK) spot Bitcoin ETF ticker, IBTC, from the Depository Trust & Clearing Corporation’s (DTCC) website. However, it’s important to note that the ticker was relisted after a few hours, said CoinDCX Research Team.
“From a technical perspective, both BTC and ETH are trading above the 50-day and 200-day Exponential Moving Averages (EMA-D) and are currently consolidating after their recent upward momentum. While ETH faces a few resistance levels to clear for its uptrend, BTC is showing strength as it reaches a 52-week high,” he said.
Tech View by Giottus Crypto Platform
Aptos (APT), trading above its 50-day exponential moving average, is in an ascending trend. The asset has broken above the previous key resistance of $5.5 and is currently experiencing a rally, due to wider positive sentiment in the market. After successfully breaching the upper limit of the flat bottom pattern APT was able to sustain support and has entered the accumulation phase.
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It faces immediate resistance at $6.65 with next resistance at $7.61. Its 14-day RSI remains overbought, and is currently around 75. These values suggest that the bullish break may continue in the near term. On the down side, $5.27 is the key support level.
Major Levels:
Support: $5.27, $4.68
Resistance: $6.65, $7.61
