Bitcoin gained momentum in early trading on Thursday as bulls showed some signs of pulling out of their bets on the world’s largest cryptocurrency. Earlier on Tuesday, it reached an all-time high of $69,202, later on Wednesday it fell to near $60,000.

The world’s largest crypto token today jumped to an intraday peak of $67,637 in volatile trading, not too far from Tuesday’s record high of $69,202. It was last 2.4% higher at $66,015.

The digital asset’s meteoric rally – having already surged 57% for the year so far – has been fuelled by investors pouring money into U.S. spot exchange-traded crypto products and the prospect that global interest rates may fall.

“Bitcoin is consolidating near $66,000 and will likely attempt another run at $69,000 in the next few days. Once BTC hits price discovery mode, $72,000 becomes a key target level for profit taking beyond which the market may see another euphoric rally,” said Vikram Subburaj, CEO of Giottus Crypto Platform.

Meanwhile, Edul Patel, CEO of Mudrex, said, “Bitcoin surged to $66,000, rebounding from a $60,000 dip, attracting bullish interest as a buying opportunity. With support at $65,600, the focus is on breaking the $69,000 barrier, targeting the next resistance at $70,200.”


Ethereum (ETH) also breached the $3,800 mark in Wednesday trading and rose above $3,860, its highest level since January 2022. However, it later fell to $3,727. Meanwhile, in Thursday’s early trade, it was trading around $3,800, up about 2%.

“ETH is eyeing the $4,100 level as its next resistance, with strong support from the 20-day EMA on the 4-hour chart,” said CoinDCX Research Team.

Among other major crypto tokens, BNB, Solana, Avalanche, Polkadot, and Polygon surged 6-9%. While Dogecoin and Shiba Inu fell 8% and 16%, respectively.The global cryptocurrency market cap rose 1.9% to around $2.5 trillion in the last 24 hours, while the total crypto market volume was $173.36 billion, which makes a 29.9% decrease. The volume of all stablecoins is now $160.35 billion, which is 92.5% of the total crypto market 24-hour volume, as per data available on CoinMarketCap.In the last 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, rose to $1.297 trillion. Bitcoin’s dominance is currently 52.03%, according to CoinMarketCap. BTC volume in the last 24 hours rose 35.5% to $63.73 billion.

Tech view by Sathvik Vishwanath, Co-Founder & CEO, Unocoin

Bitcoin’s key levels include resistance at $66,930, $69,045, and $71,992, and support at $61,562, $59,380, and $56,863.

The Relative Strength Index (RSI) sits at 58, reflecting market equilibrium. A Doji candlestick pattern near $69,000 indicates investor hesitation, with the 50-day EMA at $62,598 supporting bullish sentiment.

A cautious bullish stance is advised, with attention on the $69,000 resistance and upcoming US NFP data for market direction.

(With inputs from agencies)

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