Bitcoin signals mild bullish trend near $77,000; Ethereum around $2,300 with neutral momentum

In the past 24 hours, Bitcoin and Ethereum were up 1.84% and 1.63%, respectively. Among the major altcoins, XRP, BNB, Solana, Tron, Dogecoin, Hyperliquid, and Cardano rallied up to 2.77%. The global crypto market capitalisation went up 1.35% to $2.57 trillion, according to CoinMarketCap.

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WazirX Markets Desk said Bitcoin was trading around $76,600, signalling a mild bullish trend as moving averages indicate buying strength, while neutral oscillators suggest steady momentum and stable market conditions.

Ethereum, currently trading near $2,250, shows neutral momentum as both oscillators and moving averages remain balanced, indicating consolidation with no strong directional bias in the short term, WazirX Markets Desk further said.

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Ethereum corrected 1.18% in the past week, whereas Bitcoin was down 0.80%. Among the major altcoins, XRP, BNB, Solana, Tron, and Hyperliquid fell up to 3.72%, whereas Dogecoin and Cardano were up 12.25% and 0.50%, respectively.
Piyush Walke, Derivatives Research Analyst, Delta Exchange, said after a strong recovery, Bitcoin has hit a key long-term resistance zone, where momentum is starting to fade, and the price action has shifted to consolidation with early signs of weakness, making the next support test crucial.
Walke also mentioned that Bitcoin faces profit-taking pressure near $80,000 and looming U.S. inflation data as high oil prices and rising bond yields weigh on risk assets. Bitcoin remained subdued yesterday, with only minor moves in either direction.
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Momentum has faded in the crypto markets, and recent ETF outflows over the past three days could be adding to the sluggish price action, Walke further said.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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