Meanwhile, the global cryptocurrency market cap was trading lower, around $1.14 trillion, falling 1.61% in the last 24 hours.
"Bitcoin has dropped 3% overnight and is fighting to hold $28,600 as support (which is in line with its 100-day moving average). This comes as global stock indices, including S&P 500, continue to be in the red - losing gains achieved over the past few months. Any further drop in Bitcoin will push the asset to retest $26,000 over the coming weeks," Vikram Subburaj, CEO of Giottus Crypto Platform, said.
Other top crypto tokens, BNB, XRP, Dogecoin, Solana, Shiba Inu, Polygon and Litecoin were also trading lower on Thursday.
The market cap of Bitcoin, the world's largest cryptocurrency, was around $557 billion. Bitcoin's dominance is currently 49%, according to CoinMarketCap.
BTC volume stood at approximately $16.49 billion, rising 24.8% in the last 24 hours.
"The BTC/USDT pair remains below the 20-day EMA, and the Relative Strength Index (RSI) is in negative territory. This suggests a minor advantage to the bears. Bitcoin remains confined within a tight range, showing no definite indications of breaking free. The recent market update from QCP Capital, a trading platform, suggests that Bitcoin, which is currently valued at $28,596, could potentially maintain this subdued state for several weeks before showing significant movement around September," said ZebPay Trade desk.
Rajagopal Menon, Vice President at WazirX, said, "Major market oscillators point to a Buy sentiment. The Relative Strength Index (14) sits at 36, with a neutral outlook. The Stochastic %K (14, 3, 3) at 16 and the Average Directional Index (14) at 13 indicate a Neutral outlook."
"The MACD Level (12, 26), at -171, indicates 'Buy'. The Stochastic RSI Fast (3, 3, 14, 14) is Neutral at 7 and William's Percentage indicates a Buy sentiment at -86," Menon added.
Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 11.47 hours, IST on August 17, 2023)
Bitcoin $28,629 -1.62%
Ethereum $1,798 -1.27%
Tether $0.9987 -0.01%
BNB $231 -1.48%
XRP $0.59 -2.67%
Cardano $0.2769 -0.84%
Dogecoin $0.06799 -3.78%
Solana $23.25 -0.71%
Polygon $0.6217 -1.42%
Litecoin $75.46 -3.80%
Polkadot $4.76 -0.57%
Tron $0.07455 -2.42%
Shiba Inu $0.000009269 -6.73%
(Note: Price change in last 24 hours)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)