Bitcoin jumps above $64,000 on Fed rate cut hopes; Toncoin, Polkadot climb up to 7%

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Major cryptocurrencies rallied on Monday after softer-than-expected US jobs data renewed bets that the Federal Reserve would likely ease rates this year.

Bitcoin, the largest cryptocurrency by market value, rose 1.5% to $64,340, while the second-largest digital token, Ethereum, gained 3% to $3,184.

In addition, several other popular altcoins also experienced gains, with BNB rising by 1.9%, Solana by 2.8%, XRP by 1.3%, Dogecoin by 2.2%, Toncoin by 6.8%, Shiba Inu by 1.4%, and Polkadot by 4.5%.

Crypto Tracker

The Labor Department's employment report showed the U.S. economy added fewer jobs than expected, while the unemployment rate ticked higher and wage growth unexpectedly cooled.

Edul Patel, CEO of Mudrex, said, "Bitcoin bounced back to $64,000 after hitting the lowest at $56,000 level the last week. Bitcoin saw a rise after the US April jobs report arrived cooler than expected."

"The immediate resistance lies at the $64,500 level, while the support lies at the $62,400 level. It is likely that we might see Bitcoin trading sideways between $62,000 and $66,000 this week," Edul said.

Similarly, Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, remarked, "The crypto market has bounced back from last week's dip, driven by the recent US jobs data indicating a slower economy than forecasted. A slowing economy typically leads to decreased inflation and lower interest rates. BTC appears to be consolidating around $64k, with the $65k level remaining a key resistance."

The volume of all stablecoins is now $44.5 billion, which is 90.46% of the total crypto market 24-hour volume, as per data available on CoinMarketCap.

In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, rose to $1.265 trillion. Bitcoin's dominance is currently 53.23%, according to CoinMarketCap. BTC volume in the last 24 hours fell 7.7% to $18.2 billion.

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

Technical analysis indicates bullish momentum, supported by breaching the 50-day EMA at $61,999 and a "three white soldiers" candlestick pattern.

Key resistance levels at $66,796 and $69,328 are potential targets, with $61,735 serving as crucial support. Despite a descending channel of around $63,200, a breakout could drive Bitcoin towards higher resistances. Support levels at $59,550 and $56,625 provide stability on the downside.

The RSI at 61 suggests further upside potential without being overbought. Overall, Bitcoin appears strong, particularly if it maintains levels above $64,365.

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