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Crypto market update: Bitcoin holds $93k level, faces resistance at $95k
Bitcoin has traded in the range of $91,696.71 to $94,430.89 in the last 24 hours, according to data from CoinMarketCap. The world's most popular cryptocurrency, which also has the largest market capitalisation, has a 24-hour trading volume of $32.73 billion. Bitcoin's market capitalisation stood at $1.84 trillion.
Bitcoin, Alankar Saxena, co-founder and CTO of Mudrex, said, has quickly bounced back following a minor pullback due to a marginal increase in US jobless claims. However, robust inflows into spot Bitcoin ETFs, which totalled over $2.2 billion this week, gave Bitcoin enough strength to recover. According to CoinGlass data, a break above the $95,000 mark could trigger liquidations of nearly $700 million in short positions, easing selling pressure and setting the stage for the next leg up. "This could push Bitcoin to reclaim the $100,000 mark, while the support stands at $90,800," said Saxena.
Meanwhile, Himanshu Maradiya, founder and chairman, CIFDAQ Group, believes that while Bitcoin hovers above the $90,000 resistance level, the spotlight is gradually shifting, just as in previous cycles, toward the altcoin space. AI, gaming, and meme tokens are drawing fresh attention from retail investors, reflecting a renewed risk-on appetite. However, this enthusiasm, Maradiya said, also comes with heightened volatility, especially among low-cap assets that can magnify both gains and losses. Sentiment, he said, remains cautiously optimistic, supported by expectations of favorable macroeconomic data and ETF inflows. "If liquidity conditions hold, select altcoins may outperform majors in the near term," said Maradiya.
Here's how other cryptocurrencies are faring
Ethereum (ETH), the world's second-largest cryptocurrency by market capitalisation, was quoted trading at around $1,765.72, down 0.45 per cent.
Among other popular cryptocurrencies, Solana (SOL) was trading higher by 1.71 per cent, Binance Coin (BNB) with marginal gains of 0.04 per cent. Ripple (XRP), on the other hand, traded with a loss of 0.42 per cent. Meanwhile, the US dollar-linked stablecoin Tether traded at $1, up 0.04 per cent.
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