Crypto Price on February 6: Bitcoin falls below $42,800; Altcoins trade mixed

Major crypto tokens were trading mixed on Tuesday amid diminishing expectations of a near-term Federal Reserve rate cut. Bitcoin (-0.15%), BNB (-0.9%), Solana (-0.7%), Cardano (-1.1%) and Avalanche (-2.1%) were trading in the red, while Ethereum (0.7%), XRP (.3%), Polygon (1.9%), and Chainlink (2.3%) were trading in the green.

The global cryptocurrency market cap surged 0.24% to around $1.64 trillion in the last 24 hours.

At 11:40 a.m., BTC was trading 0.15% lower at $42,704. In the last 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, fell to $837 billion.

“Federal Reserve Chair Jerome Powell’s confirmation that the Fed is not keen on cutting rates in March did little to dampen bullish enthusiasm, as the $42,000 level found robust support. The next resistance for BTC is at $43,800, while support is at $41,300,” said Edul Patel, CEO of Mudrex.

Meanwhile, Vikram Subburaj, CEO of Giottus, said, “Bitcoin continues to consolidate below $43,000 as traders await fresh ammunition to offset selling pressure above that level. Altcoins are also trading in a rangebound manner with the exception of Chainlink.”The total volume in DeFi is currently $4.15 billion, 9.67% of the total crypto market 24-hour volume. The volume of all stablecoins is now $39.65 billion, which is 92.29% of the total crypto market 24-hour volume, as per data available on CoinMarketCap.Bitcoin’s dominance is currently 51.14%, according to CoinMarketCap. BTC volume in the last 24 hours surged 20% to $18.1 billion.

Tech View by Rajagopal Menon, Vice President, WazirX

BTC’s Exponential Moving Average for a 10-day EMA indicates “Buy” at 42518, and a 200-day EMA indicates “Buy” at 36251. The Simple Moving Average for a 10-day SMA indicates “Buy” at 42716, and a 200-day SMA indicates “Buy” at 34303.

The Relative Strength Index (14) sits at 50, indicating “Neutral”. The Stochastic %K (14, 3, 3) at 41 and the Average Directional Index (14) at 13 indicate a Neutral outlook.

The MACD Level (12, 26), at 36, indicates “Buy”. The Stochastic RSI Fast (3, 3, 14, 14) at 77 indicates ‘Neutral’, and William’s Percentage at -27 indicates ‘Neutral’ as well.

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

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