Bitcoin Reflected Small Price Dips of Under Two Percent on National and International Exchanges

As shown by CoinMarketCap, the most expensive cryptocurrency is trading at $83,687 (roughly Rs. 72.6 lakh) on international exchanges.

Cryptocurrency prices reflected minor dips on Monday, pulling back slightly from recent highs as optimism over the Federal Reserve's interest rate decision and US economic data unfolded.

Bitcoin dropped by less than two percent to trade below the $84,000 mark on national and international exchanges. On Monday afternoon, the world's leading cryptocurrency was trading at $83,687 (roughly Rs. 72.6 lakh), according to price tracker CoinMarketCap. In India, exchanges like CoinSwitch and Giottus displayed Bitcoin prices ranging between $83,810 (roughly Rs. 72.7 lakh) and $87,506 (roughly Rs. 76 lakh).

"Bitcoin traded within a tight range over the weekend. US Bitcoin Spot ETFs recorded another week of heavy net outflows, with investors withdrawing over $900 million (roughly Rs. 7,817 crore). The 200-day simple moving average at $84,000 is a key resistance level, while immediate support stands at $80,000. Over the past week, Bitcoin gained 1.6 percent," the CoinSwitch markets desk told Gadgets 360.

Meanwhile, Ether slid 0.89 percent over the last day on global platforms to reach $1,910. On Indian exchanges, Ether price slipped by less than two percent, bringing its value to $2,003.

"Ethereum is struggling to secure a price of $2,000, which could have offered a strong base, helping the token to test higher targets. With this, the market sentiments have slightly turned positive, which indicates the second fortnight of the month could attract a notable bullish volume, which could help to mount enough pressure to break out of the current trading range and move towards the next round of highs. However, investors are advised to exercise caution and analyze the market trends closely before making any investment decisions," advised the CoinDCX Research Team.

The crypto price tracker by Gadgets 360 showed majority altcoins trading in losses on Monday.

These include Ripple, Tether, Solana, Dogecoin, Cardano, and Tron.

Avalanche, Chainlink, Stellar, Polkadot, and Uniswap emerged among other altcoins that reflected price dips on Monday.

The overall crypto market cap slipped down by 0.69 percent in the last 24 hours owing to the prevailing slowdown. At present, the valuation of the sector stands at $2.74 trillion, as per CoinMarketCap.

However, some cryptocurrencies managed to retain profits despite the market downturn. Among them are Leo, Shiba Inu, Litecoin, and Monero.

Cronos, and Bitcoin SV also saw gains.

"Bitcoin and the broader crypto market are experiencing volatility ahead of the Federal Reserve's interest rate decision. The Crypto Fear and Greed Index has fallen to 22, reflecting increased uncertainty. As the market internalises macroeconomic factors and technicals, market participants are eyeing breakout catalysts. In the meantime, institutional demand is still robust, evidenced by another week of heavy net outflows from US Bitcoin Spot ETFs, with investors withdrawing over $900 million. The next steps of Bitcoin will determine the direction of the crypto universe over the next couple of weeks," Avinash Shekhar, Co-Founder and CEO, Pi42.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.