Bitcoin faces profit-taking, trades below $87,500; Ethereum and other cryptos drop up to 17%
Bitcoin saw profit-taking on Friday, trading below $87,500.
As of 10:52 am IST, Bitcoin was down 2.7%, trading at $87,498, while Ethereum dropped 5.6% to $3,044 in the last 24 hours.
«Bitcoin experienced profit-taking following Fed Chairman Powell’s statement that there is 'no rush to cut rates,' as inflation data came in slightly above expectations,» said Edul Patel, Co-founder and CEO of Mudrex.
Bitcoin, along with other major tokens like Ethereum, Solana, and Dogecoin, faced selling pressure, with declines of up to 8%. Despite the pullback, Bitcoin has surged to become the 7th largest asset, surpassing Saudi Aramco. «Bitcoin’s next resistance is at $90,900, while support has moved up to $86,200,» Edul added.
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View Details»Vikram Subburaj, CEO of Giottus, noted, «Bitcoin has taken a temporary breather after US Fed's comments about a strong US economy that doesn’t require further rate cuts soon. It is now consolidating around $88,000, with $87,000 acting as key support. However, XRP has bucked the trend, surging 17% after Robinhood's
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