Crypto Price Today: Bitcoin rises above $28,500; Toncoin jumps over 6%

The crypto tokens were trading mixed in Wednesday's trade with a positive bias. Bitcoin, Solana, Toncoin and Tron were trading in the green, while Ethereum, XRP, BNB, Cardano, Dogecoin, and Polkadot were trading in the red.

The global cryptocurrency market cap surged 0.76% to around $1.09 trillion in the last 24 hours.

Bitcoin was up 1.1% at $28,586 as of 12:39 p.m., while Ethereum was below the $1,600 level.


"Bitcoin has maintained a trading position above the $28,300 mark in the last 24 hours. This price movement is driven by growing excitement among investors about the potential approval of a Bitcoin Spot ETF in the United States," said Edul Patel, CEO of Mudrex.

"BTC has successfully reclaimed the 200-day Simple Moving Average (SMA) and is currently holding above it. However, for BTC to continue its upward momentum, it needs to clear and sustain the crucial resistance level at ₹25,02,000 ($28,600)," said CoinDCX Research Team.

In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, surged to $557 billion. Bitcoin's dominance is currently 51.23%, according to CoinMarketCap. BTC volume in the last 24 hours declined 40.3% to $15.4 billion.

Tech view by Sathvik Vishwanath, Co-Founder & CEO, Unocoin
The central point of the chart is the pivotal $28,077, a key reference price. Immediate obstacles include resistance levels at $28,549, with subsequent obstacles at $29,219 and $29,886. Bitcoin's initial support is at $27,667 and other safety nets are at $27,208 and $25,985.

The Relative Strength Index (RSI) is currently at 74, indicating that Bitcoin may be overbought. While an RSI above 50 usually indicates an uptrend, caution is advised due to its proximity to the overbought boundary.

Meanwhile, the 50-day exponential moving average (50 EMA) at $28,077 reinforces its significance. Bitcoin is comfortably above the 50 EMA, indicating a short-term bullish outlook. Chart patterns reveal 4-hour trendline resistance near $28,600. Neutral candlestick patterns signal investor indecision, likely due to anticipation of clearer fundamental signals before taking action.

Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 13.08 hours, IST on October 18, 2023)
Bitcoin $28,586 1.10%

Ethereum $1,576 -0.53%

Tether $1 -0.01%

BNB $213 -0.16%

XRP $0.4898 -0.12%

Cardano $0.2477 -1.17%

Dogecoin $0.0591 -1.05%

Solana $24.01 0.32%

Polygon $0.5211 -1.56%

Litecoin $62.28 -1.36%

Polkadot $3.68 1.75%

Tron $0.0888 0.23%

Shiba Inu $0.000006908 -2.08%

Toncoin $2.08 6.08

(Note: Price change in last 24 hours)

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