Bitcoin rises above $91,000 level; Dogecoin, Chainlink jumps up to 5%

After reaching an all-time high above $93,000 on Thursday, Bitcoin (BTC) experienced a dip over the weekend, falling to $88,700. However, the cryptocurrency saw renewed buying interest on Tuesday, climbing back to $91,400.

As of 11:05 am IST, Bitcoin had gained 0.8%, trading at $91,454, while Ethereum rose 0.38% to $3,126 over the past 24 hours.

"Bitcoin has established its strength by trading at about $91,400, stabilizing at the $91,000 level," said Shivam Thakral, CEO of BuyUcoin. "MicroStrategy's strategic acquisition of 51,780 BTC has undeniably increased investor confidence and led to strong buying demand."

Thakral also noted that institutional acceptance of Bitcoin ETF inflows presents a positive outlook, with the potential for new record highs.

Edul Patel, Co-founder and CEO of Mudrex, said, "Bitcoin continues to trade within a range of $89,000 to $92,000 as the market looks for a catalyst. With news that Bitcoin ETF Options could start trading soon, investors are waiting for a confirmation that could add momentum to the rally."

Patel added that while institutional interest from entities like MicroStrategy and BlackRock is evident, it has yet to significantly impact Bitcoin’s price movement. Bitcoin is facing immediate resistance at $92,900, with support at $89,200.

Meanwhile, other major cryptocurrencies showed mixed trends. Solana, BNB, XRP, Cardano, Avalanche, and Pepe dropped by up to 5%, while Dogecoin, Tron, Shiba Inu, Toncoin, and Chainlink gained up to 4%.

According to data available on CoinMarketCap, the volume of all stablecoins is now $81.05 billion, which is 91.13% of the total crypto market 24-hour volume. The global cryptocurrency market cap rose 1.06% over the past 24 hours, reaching approximately $3.08 trillion.

In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, rose to $1.811 trillion. Bitcoin's dominance is currently 58.79%, according to CoinMarketCap. BTC volume in the last 24 hours surged 76.9% to $76.9 billion.

Tech view by Sathvik Vishwanath, Co-Founder & CEO, Unocoin

After reaching the $93,265 ATH, Bitcoin is consolidating between $87,000 and $93,000 with a potential drop to $85,000 or $78,800 if support fails. RSI at 74 signals overbought and warns against adding long positions. A close above $92,625 could push BTC towards $100,000.

Ethereum Faces Critical $3,000 Support; a close below risks a drop to $2,799. RSI at 61 shows bearish momentum. A break of the $3,454 resistance could lift ETH to $4,000.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)