Bitcoin on Wednesday reflected a miniscule loss of 0.41 percent to trade at $74,410. The oldest and most expensive crypto asset, that hit $75,000 earlier this week, has clocked a big rebound after months of having reeled within $65,000 to $71,000 in the backdrop of the prevailing tensions in the Middle East region. With the surge in Bitcoin’s price, the overall crypto market has also entered a profit phase. However. altcoins do not seem strong enough to chart their own courses and remain impacted by Bitcoin’s trajectory.
In conversation with Coin Headlines, market analysts said that the rally is being fueled by signs of cooling inflation and lower-than-expected PPI data. These factors have increased chances of a Fed rate cut, boosting liquidity in financial markets.
“Bitcoin’s rebound toward the $75,000–$76,000 zone reflects improving short-term momentum. Technically, BTC is holding above key support levels around $73,000–$74,000, with a developing structure that suggests a potential breakout above $75.5K could open the path toward $78,000–$80,000,” said Riya Sehgal, Research Analyst, Delta Exchange. “However, repeated short-term fakeouts highlight the risk of continued volatility, especially as some analysts warn of a broader cycle correction still playing out.”
Ether price was down by over two percent on Wednesday. At the time of writing, ETH was trading at $2,330 as it continues to face rejection near the $2,400 price mark.
“This indicates sustained bullish intent, with immediate resistance at $2,360–$2,400. A decisive break above this range could accelerate gains toward $2,480 and potentially $2,550+. On the downside, $2,300 remains a crucial support; a breakdown could expose $2,270 and $2,220 levels,” Sehgal noted.
Among altcoins that saw a weakened momentum, BNB and Solana roped-in price dips of around two percent each. Joining BTC and ETH, altcoins like Dogecoin, Cardano, Toncoin, and Cronos dipped by upto four percent in their respective values.
The Worldcoin token, on the other hand, registered a price drop of nearly six percent to trade at $0.30. A majority of these tokens were trading in profits 24 hours ago but today’s losses indicates at the prevailing market volatility.
On the other hand, a bunch of cryptocurrencies did manage to retain profits on the price charts. Tron, Leo, Near Protocol, and Polygon are among tokens that showed small gains of around one percent on the price chart as of Wednesday.
Source: CoinMarketCap
The crypto market cap has dipped by 1.35 percent in the last 24 hours bringing the valuation to $2.5 trillion, data by CoinMarketCap showed.
Market analysts have alerted investors that the market is highly volatile and could show fluctuations on an hourly basis.
“The quietning geo-political tensions at least for the time being have renewed investor optimism. Hence, capital is flowing into risj assets,” said Sathvik Vishwanath, Co-Founder and CEO, Unocoin — pointing out that the Fed’s interest rate decisions scheduled for later this month could have a lasting impact on the market movement.
Over 130,602 traders were liquidated in the last 24 hours with the total liquidations hitting $267.78 million, CoinGlass said.