Bitcoin Price Drops Below $103,000 Amid Ongoing Market Uncertainty

Bitcoin's price saw a slight price drop on Monday, as the values of most cryptocurrencies fell over the weekend. The price of the world's largest cryptocurrency dropped by less than one percent on international exchanges over the past 24 hours. At present, Bitcoin is trading at $102,845 (roughly Rs. 87.9 lakh) on global platforms, as per data by CoinMarketCap. The asset also followed a similar trajectory on Indian exchanges, where its price fell by 0.10 percent to trade at $105,595 (roughly Rs. 90.3 lakh) on platforms like CoinSwitch and CoinDCX.

The price of Ether fell by five percent over the past 24 hours. ETH was trading at $2,376 (roughly Rs. 2.03 lakh) on international exchanges on Monday. On Indian exchanges, Ether slipped by nearly five percent, and it is available at $2.08 lakh (roughly Rs. 2,435).

"Bitcoin has been consolidating within a tight range recently. Bulls are now attempting to push past the key resistance level at $105,820 (roughly Rs. 90.4 lakh). Supporting this momentum, both moving averages are trending upward, and the Relative Strength Index (RSI) remains in overbought territory — clear signals that buyers currently have the upper hand," the ZebPay Trade Desk told Gadgets 360. "BTC has strong support at $100,000 (roughly Rs. 85.5 lakh) whereas $110,000 (roughly Rs. 94 lakh) will act as strong resistance."

The crypto price tracker by Gadgets 360 showed a majority of altcoins saw their values fall alongside BTC and ETH. These include Tether, Ripple, Solana, Cardano, Tron, Chainlink, and Avalanche, and Stellar.

Shiba Inu, Litecoin, Polkadot, Elrond, and Qtum were also affected by the market uncertainty, leading to their prices falling on Monday.

The overall crypto market cap slipped by 0.50 percent in the last 24 hours and currently stands at $3.26 trillion (roughly Rs. 2,78,59,422 crore), according to CoinMarketCap. "The crypto market remains range-bound. Meme coins are capturing retail attention and tokens like WIF, PEPE, and FLOKI dominate the narrative," Himanshu Maradiya, Founder and Chairman, CIFDAQ told Gadgets 360.

Meanwhile, Dogecoin, Leo, Monero, Iota, Polygon, and Augur managed to see small gains.

Analysts have advised investors to take informed decisions as market volatility prevails. "Adding to the bullish sentiment, several US and global companies have announced plans over the past three weeks to acquire Bitcoin and allocate it to their corporate treasuries. This reinforces institutional confidence in the asset," the ZebPay team added.

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