Cryptocurrency Rally Amid Speculation of Fed Rate Cuts
Major cryptocurrencies rallied on Monday as softer-than-expected US jobs data fueled speculation of potential rate cuts by the Federal Reserve this year. Bitcoin rose 1.5% to $64,340, while Ethereum gained 3% to $3,184. Other altcoins, including BNB, Solana, XRP, Dogecoin, Toncoin, Shiba Inu, and Polkadot, also saw increases. Stablecoins now account for 90.46% of the total crypto market's 24-hour volume, reaching $44.5 billion. Bitcoin's market cap hit $1.265 trillion, with a dominance of 53.23%, while its volume decreased by 7.7% to $18.2 billion in the last 24 hours.
With the data released on Friday, it appears that the retracement, which extended down to the midpoint of the year's low and high has temporarily halted. The first resistance encountered above stands at 66000, while the previous peak at 67200 will be a decisive point in determining whether the correction has ended. Above this level, the initial target could be 71500. On the downside, 62200 would serve as the first support during pullbacks, with 60200 being monitored for further declines. If this level is breached, 58400 would be the initial point where a rebound is expected.
Resistance 3 | Resistance 2 | Resistance 1 | Support 1 | Support 2 | Support 3 |
71500 | 67200 | 66000 | 62200 | 60200 | 58400 |