Crypto Market Dips Marginally, Trading Volume Gains 21.82%; Bitcoin, Ethereum Down

Sathvik Vishwanath, Co-Founder & CEO, Unocoin said, “Bitcoin’s fall below $65,000 is linked to hedge funds reducing their exposure to Bitcoin to 0.37, the lowest since October 2020. This cautious stance, driven by expected volatility, macroeconomic factors or regulatory concerns, has increased selling pressure. Currently trading at $65,100, Bitcoin faces key resistance at $66,800 and support at $64,150. With RSI 47 indicating neutral momentum and the 50-day EMA at $65,600 in line with descending channel resistance near $65,500, a close below this pivot point suggests a bearish trend.”

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