Bitcoin holds strong above $63k as Cardano and NEAR Protocol lead gains

Bitcoin remained steady above $63,000 on Tuesday, showing resilience after a brief rejection above $64,000.

Despite minor fluctuations in the broader cryptocurrency market, Bitcoin held firm, while altcoins like Cardano and NEAR Protocol surged, leading gains by up to 7%.

In the past 24 hours, Bitcoin dipped slightly by 0.2%, trading around $63,400.

Ethereum also saw a similar dip, falling to $2,640.

According to market experts, Bitcoin continues to face resistance at $64,500, with a decisive close above this level needed to push the asset higher toward $65,000.

However, a failure to hold this position could lead to a pullback to $62,000.

According to Vikram Subburaj, CEO of Giottus, Bitcoin’s consolidation near $63,000 is a critical range for the cryptocurrency as it waits for the next major movement.

XRP, Toncoin, Avalanche, Shiba Inu, Litecoin see mixed performance

While Bitcoin remained stable, other altcoins experienced varied performance. XRP, Toncoin, Avalanche, Shiba Inu, and Litecoin all saw minor declines, with drops ranging from 0.7% to 2%.

In contrast, Cardano, NEAR Protocol, BNB, Solana, and Dogecoin gained as much as 7%, outperforming the broader market.

AI-focused tokens like TAO and NEAR Protocol were among the top performers, with NEAR in particular showing impressive strength.

These tokens have been riding a wave of interest as blockchain applications expand into artificial intelligence and decentralized finance, providing a bullish outlook for their future development.

Bitcoin faces key resistance

For Bitcoin, experts indicate that the next major challenge lies in breaking through resistance at $64,500.

If Bitcoin can surpass this level, a rally towards $65,000 could follow.

However, market watchers are keeping a close eye on support levels, particularly around $62,300.

A break below $62,000 may signal further declines.

According to CoinMarketCap, Bitcoin’s market capitalization has slipped slightly to $1.254 trillion, accounting for 56.25% of the total crypto market.

Trading volume for Bitcoin fell by 2.42% to $26.6 billion over the last 24 hours, while stablecoins dominated trading activity, making up over 91% of the total trading volume, which reached $63 billion.

Sathvik Vishwanath, Co-Founder and CEO of Unocoin weighed in on Bitcoin’s technical setup and told the Economic Times that while the MACD is showing a bullish crossover, the RSI suggests a slowdown in momentum.

If Bitcoin can maintain support above $62,000, a retest of $65,379 could be possible.

On the downside, a break below $57,610 could open the door to further declines, with support around $56,000.

Strong institutional interest in Bitcoin

Looking at Bitcoin’s recent price movements, the asset has gained 9.8% since the beginning of September, marking its best-performing September in over a decade.

This recent uptick contrasts sharply with the historically bearish trends Bitcoin has seen in past Septembers, making the current rally even more significant.

In the long term, rising institutional interest is expected to play a key role in sustaining Bitcoin’s growth.

Bloomberg analyst Eric Balchunas believes that as more investors engage with Bitcoin ETFs, major issuers like BlackRock may continue increasing their Bitcoin holdings, further tightening supply and potentially driving prices higher.

At press time, Bitcoin was trading at $63,623, up 7.7% over the past week, signaling strong market sentiment as it holds above critical support levels.

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