Bitcoin and Ethereum near $68,000 and $2,054; Experts urge caution in the field of on-chain data

Bitcoin and Ethereum are hovering around the $68,000 and $2,054 levels respectively. Experts note that while BTC and ETH remain stable as global macro factors begin to align, technical indicators and on-chain data point to a cautious near-term outlook.In the past 24 hours, Bitcoin and Ethereum have risen 3.73% and 5.51% respectively. Among the major altcoins, XRP, BNB, Solana, Tron, Dogecoin, Cardano and Hyperliquid gained up to 8%. According to CoinMarketCap, the global crypto market capitalization increased by 3.52% to $2.36 trillion.

Also read | HDFC Defense Fund consists of a small cap stock that has risen 500% in five yearsRiya Sehgal, research analyst at Delta Exchange said Bitcoin has recovered to around $68,800, above short-term support but still below the 50-day EMA, near $69,500, and Ethereum is mirroring this setup, hovering around $2,050 and consolidating between $1,950 and $2,100.Sehgal further said broader sentiment remains cautious as traders assess macro liquidity conditions and capital rotation into traditional safe havens such as gold. The market appears to be transitioning from distribution to early accumulation, but conviction remains vulnerable pending a clear break above key technical levels

Over the past week, Bitcoin and Ethereum fell 2.66% and 1.31% respectively. Among the major altcoins, XRP, BNB, Solana, Dogecoin, Cardano and Hyperliquid fell more than 6%, while Tron gained 2.50%.

Also read | Want to start with investment funds? Here’s how to allocate your investments Nischal Shetty, founder of WazirX, said Bitcoin is trading at $68,882, holding steady as global macro catalysts begin to align. January CPI data showed US inflation eased to 2.4%, easing inflation concerns. When inflation appears cool, it reduces uncertainty around aggressive rate hikes and brings stability back to risky assets, including crypto.Ethereum has also regained the $2,000 level after a significant decline in futures open interest, indicating that further excessive leverage has been washed away, Shetty further said.

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

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