Bitcoin holds $30,500; Ethereum trades nears $1,950; Altcoins jump up to 10%

Bitcoin and other crypto tokens were trading higher on Monday amid positive cues in the riskier asset class market. The move in altcoins was steep on the back of global recession signs and positive macroeconomic cues. Issuers work to refile their bitcoin ETF applications after the US SEC's comments.

Bitcoin continued to remain in the green territory as the largest crypto token advanced about a per cent to comfortably strengthen above the $30,500 mark. Its largest peer, Ethereum, posted similar gains of 2 per cent and hovered near the $1,950 level. However, altcoins outperformed the headline tokens in terms of price action.

Bitcoin opened the new week trading above $30,700, but it has been facing resistance at the the $31,000 level, indicating a lack of urgency among bulls to secure profits. The price has been consolidating within the range of $31,431 and $29,500 for a while now, said Edul Patel, Co-founder and CEO at Mudrex.

"A breakout above $31,000 could potentially trigger an uptrend, while a support level can be found at $29,500. This week is expected to bring significant economic events in the US, including the release of the FOMC minutes for June on Wednesday, the Job Openings report on Thursday, and new employment numbers on Friday," he said.

Barring the XRP, all other top crypto tokens were trading mostly higher on Monday. Bitcoin Cash surged almost 10 per cent, while Litecoin and Polkadot gained about 6 per cent each. Polygon and Solana surged 4 per cent each. Toncoin, Dogecoin and Cardano added 2 per cent each.
The global cryptocurrency market cap was trading higher, rising to $1.21 trillion-mark as it gained as much as 2 per cent in the last 24 hours. However, the total trading volumes increased about 11 per cent to $29.76 billion.

Tech View by Giottus Crypto Platform

Ripple (XRP) is currently in consolidation phase after facing rejection at $0.50. After recording short-term gains last month, the asset is trying to regain momentum past two weeks of weak price action.

XRP is trying to break its 100-day moving average, which acts as pivotal resistance. A break above this could lead the asset towards $0.60. On the other hand, $0.45is a key support level with $0.40 providing the final line of defence, beyond which XRP might experience a sharp decline. Its RSI continues to move sideways in a neutral zone reflecting weak buying activity.

Major Levels:
Support: $0.45, $0.40
Resistance: $0.53, $0.60