Bitcoin hovers near $71,000 as crypto investors track macro and liquidity signals
Synopsis
Bitcoin hovered near $71,000 on Saturday as investors tracked macroeconomic cues and liquidity signals ahead of the upcoming US Federal Reserve policy decision. While Bitcoin and Ethereum saw minor declines in the past 24 hours, major altcoins were mostly lower, with Tron standing out as the only notable gainer.
Bitcoin traded near the $71,000 mark on Saturday as crypto investors tracked macro trends and liquidity signals ahead of the US Fed’s policy decision due later this week. The cryptocurrency was trading at around $71,260.
Over the past 24 hours, Bitcoin and Ethereum slipped 0.17% and 0.43%, respectively. Among major altcoins, BNB, XRP, Solana, Dogecoin, Cardano, and Hyperliquid declined by up to 2.20%, while Tron bucked the trend, gaining 1.48%.
Also Read | Domestic vs global investors: How silver ETF bets played out differently in 400% rally
Nischal Shetty, Founder, WazirX, said Bitcoin is trading around $70,000, a positive sign given that it’s the current resistance level. The market saw a consolidation phase between roughly $64,000 and $72,000.
Crypto TrackerTOP COINS (₹) Tether93 (0.1%)Ethereum192,191 (-1.21%)Bitcoin6,533,481 (-1.22%)XRP129 (-1.47%)BNB60,470 (-1.51%)
At the moment, Bitcoin is attempting to stabilise within this range while investors monitor macro developments and liquidity conditions. While on-chain activities remain robust, retail users are trading cautiously, with experts predicting a normal retail activity rebound if Bitcoin sustains the upward momentum to reach $75k and beyond, Shetty further said.
Did you Know?
The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors.
View Details »
Live Events
In the past week, Bitcoin and Ethereum surged 4.62% and 6.41%, respectively. Among the major altcoins, BNB, XRP, Solana, Dogecoin, Cardano, Tron and Hyperliquid gained up to 22%.
Bitcoin briefly moved above the $73K level, previously its recent swing low, but failed to sustain the momentum, and at the peak, the price quickly pulled back by around 3.4%, said Piyush Walke, Derivatives Research Analyst, Delta Exchange
Also Read | Large, mid and small cap mutual funds see rising inflows in February. Is the shift back to equities underway?
Walke further said that a similar move was seen in Ethereum, which rose close to $2,200 before retreating roughly 4%, and the rejection near $73K suggests Bitcoin is encountering short-term resistance following its recent rally.
He also said that U.S. stock markets are also posting modest gains of about 0.5%, while equities point to a slightly improved risk environment, the broader crypto market appears to be pausing as traders reassess momentum ahead of the next potential directional move.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
If you have any mutual fund queries, message on ET Mutual Funds on Facebook/Twitter. We will get it answered by our panel of experts. Do share your questions on ETMFqueries@timesinternet.in alongwith your age, risk profile, and Twitter handle.
