Bitcoin on Wednesday, December 27, reflected a small loss of 2.71 percent. Despite this slight decline, Bitcoin managed to retain its price above the level of $42,000 (roughly Rs. 34.9 lakh) and is currently trading at $42,218 (roughly Rs. 35 lakh). This is the third consecutive day that BTC is trading above $42,000. However, in the last three days, BTC has dropped in value by $688 (roughly Rs. 57,270). BTC’s crucial resistance stands at $44,500 (roughly Rs. 37 lakh) and $42,500 (roughly Rs. 35.3 lakh) as a support level.
“Today, Bitcoin experienced a decline in price as traders swiftly closed their positions amidst rising funding rates, leading to a shift from optimistic to pessimistic market sentiment. Amid expectations of a year-end surge and the impending US SEC verdict on a Bitcoin ETF, an increase in trading volume indicates sustained market engagement amid these evolving scenarios,” Rajagopal Menon, Vice President, Wazir told Gadgets360.
Ether registered a minor dip of 0.75 percent on Wednesday. At the time of writing, ETH was trading at $2,220 (roughly Rs. 1.84 lakh). For ETH, the key resistance stands at $2,380 (roughly Rs. 1.98 lakh) whereas its critical support level stands at $2,250 (roughly Rs. 1.87 lakh).
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