The last few weeks have pushed Bitcoin under the price point of $60,000 (roughly Rs. 50 lakh) for the first time in two months. As of Friday, May 3, Bitcoin was trading at the price point of $57,690 (roughly Rs. 48 lakh) as per Indian exchanges. With a loss of around 0.15 percent, the value of Bitcoin on foreign exchanges stands at $59,790 (roughly Rs. 49.85 lakh). For the most part of this week, Bitcoin has found itself trading under losses after showing a major spike in April.
“This price drop suggests that there exists a buying activity at the lower level. Bitcoin has not yet recovered and gained enough strength to make a sharp move due to macroeconomic factors and geopolitical tensions, making sideways trading more likely. Resistance for Bitcoin is seen at $60,300 (roughly Rs. 50.2 lakh), with support at $58,800 (roughly Rs. 49 lakh),” Edul Patel, CEO of Mudrex told Gadgets360.
Ether, that has been showing a mixed price movement for days, found itself on the loss-side of the crypto chart on Friday. At the time of writing, ETH was priced $2,907 (roughly Rs. 2.42 lakh) after clocking a loss of 1.85 percent.
“Ethereum has witnessed a surge driven by strong spot Ethereum ETFs in Hong Kong and increased network activity. Ethereum’s next resistance levels are forecasted at $3,100 (roughly Rs. 2.58 lakh) and $3,300 (roughly Rs. 2.75 lakh),” Patel added.
Tether, Solana, Cosmos, and Braintrust joined Bitcoin and Ether on the loss-making side of the crypto chart.
Apart from these, majority altcoins are seeing minor but notable profits as of Friday. These include Ripple, Dogecoin, Cardano, Shiba Inu, and Avalanche.
Tron, Chainlink, Polygon, Near Protocol, Litecoin, Leo, Uniswap, and Cronos also registered profits on May 3.
In the last 24 hours, the overall valuation of the crypto market went up by 3.46 percent to hit $2.23 trillion (roughly Rs. 1,85,85,957 crore), as per CoinMarketCap.
“While spot BTC ETFs saw a combined outflow of $563 million (roughly Rs. 4,692 crore) on Wednesday, BlackRock predicts that there will be a new wave of inflows from different types of investors which will include sovereign wealth funds, pension funds, and endowments. The company expects a pent-up demand for BTC exposure via the ETFs,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets360.
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