Bitcoin saw a slight price drop on Monday, with most other cryptocurrencies also trading in the red over the weekend. Most major cryptocurrencies, including Ether and altcoins, decline as market consolidation continues. As per CoinMarketCap, Bitcoin is now priced at $102,845 (roughly ₹87.8 lakh) on global exchanges, and at $105,595 (roughly ₹90.2 lakh) on Indian platforms like CoinSwitch and CoinDCX, down by 0.10%.
Ether (ETH) also experienced a notable fall of around 5%, trading at $2,376 (roughly ₹2.03 lakh) internationally and around $2,416 (roughly ₹2.06 lakhs) on Indian exchanges. A wide range of altcoins revealed declines, including Tether, Ripple, Solana, Cardano, Tron, Chainlink, Avalanche, and Stellar. Other affected tokens were Shiba Inu, Litecoin, Polkadot, Elrond, and Qtum.
According to the ZebPay Trade Desk, Bitcoin has been consolidating within a narrow range, with bulls aiming to push past the key resistance level at $105,820 (~₹90.4 lakh). Indicators such as upward-trending moving averages and an overbought Relative Strength Index (RSI) suggest that buyers currently have control. The next strong support lies at $100,000 (₹85.5 lakh) and resistance at $110,000 (₹94 lakh).
Despite the downturn, some cryptocurrencies like Dogecoin, Leo, Monero, Iota, Polygon, and Augur managed minor gains. The overall crypto market cap dropped by 0.5%, currently standing at $3.26 trillion (~₹2,78,59,400 crore). Market analysts noted a growing focus on meme coins such as WIF, PEPE, and FLOKI, which are drawing interest from retail investors.
In a bullish sign, several US and global companies have announced plans to acquire Bitcoin for their corporate treasuries, reflecting rising institutional confidence in the asset class.
Note: Cryptocurrency is an unregulated digital currency and not legal tender. It is subject to market risks. The information provided does not constitute financial advice.
