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Bitcoin hits $56,520 in mixed trading

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ISLAMABAD: The cryptocurrency market remained mixed on Monday, with the market capitalization gaining 0.4 percent to reach $2.42 trillion as of 1255 hours GMT.

Bitcoin, the largest cryptocurrency, gained 2.89 percent to reach $56,520. With this increase in price, the market capitalization of the biggest cryptocurrency has reached 1.064 trillion.

Likewise, ether (ETH) price gained 0.82 percent to reach $3,572. With this increase in price, the market capitalization of ETH has reached $419.3 billion.

However, XRP price shed 2.76 percent to reach $1.15. The market capitalization of XRP stands at $115.2 billion after this decrease.

On the other hand, Cardano (ADA) price shed 1.61 percent to reach $2.21. Its market capitalization has decreased to $71.7 billion after this decrease.

Similarly, dogecoin (Doge) price went down by 4.30 percent to reach $0.234. With this decrease in price, the market capitalization of doge has reached $30.7 billion.

According to experts, bitcoin continues to rise above $56,000, although the rally appears to be exhausted given overbought signals on the charts. The cryptocurrency is up about 14 percent over the past week and faces resistance between $58,000 and $60,000.

They said the relative strength index (RSI) is declining from an overbought extreme last week. A negative divergence between the RSI and price typically leads to a brief pullback similar to mid-Sept, they said, adding the RSI is approaching overbought levels, suggesting buyers could exit positions near upper resistance levels.

They said that momentum has improved over the past two weeks, which means pullbacks could be limited toward initial support at $50,000.

On the other hand, ether shows some mixed behavior on its chart. Despite having an extremely bullish Ichimoku chart, buyers are not pursuing any follow-through to propel ether price higher. If sellers take control, then bears will most likely retest the $3,000 level. However, if buyers continue pushing ether higher and beyond the all-time high, nothing stops it from rallying to the $6,200 value area, they said.

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