On Monday, major cryptocurrency tokens traded mixed. While Bitcoin declined 0.24% in the last 24 hours, trading at $51,513.69 around 12 p.m. India time, other big cryptocurrencies such as Ethereum, Solana, BNB, Avalanche, Toncoin, and Tron rose by up to 2%. The other laggards in the bunch were XRP, Cardano, and Dogecoin, which fell by up to 1.5%.

Bitcoin has been consolidating over the previous two weeks, ranging between $50,000 and $53,000 after climbing over 36% since the beginning of 2024. Bitcoin has failed to overcome the $53,000 barrier. In his opinion, a break above this level would bring the price up to $60,000 in the near future.

Meanwhile, CoinDCX forecasts bearishness following the first net outflow from the BTC ETF since January 25, 2024. Technically, BTC closed in the red but remained within its range, with local support near $50,600 and resistance at $52,500, according to CoinDCX market activity. On the other hand, Ethereum remained rather consistent, hanging between $2,900 and $3,000, with local support at $2,880 and resistance at $3,030.

CoinDCX believes that Reddit’s hinting at excess cash investments in Bitcoin and Ethereum bodes positively for both cryptocurrencies.

ETH recaptured the $3k mark for the second time in February, and recent higher swings have also increased its Relative Strength Index (RSI).

In the cryptocurrency realm, UNI, Uniswap’s governance token, increased by 60% on Friday evening following a proposal from a prominent Uniswap Foundation member to restructure the protocol’s fees-sharing arrangement for token holders. Since then, the token has been able to maintain its value around $11. Simultaneously, Avalanche (AVAX, +0.57%) experienced a massive outage on Friday, unable to produce blocks for over four hours owing to network strain.