On Friday, major cryptocurrencies saw uneven trading as the value of the dollar declined. At $37,198.42, Bitcoin (BTC) was up 1.84%. Around 10.15 IST, prominent cryptocurrency currencies including as Dogecoin, Cardano, Solana, XRP, BNB, and Ethereum (ETH) saw increases ranging from 1% to 3.70%.

Over the last week, Bitcoin has increased by 0.80%, while Solana Dogecoin and Cardano have increased by roughly 4%, 2%, and 5%, respectively. On a weekly basis, XRP (-4.6%), Ethereum (-1.83%), and Tron (-5%) are the losers.

The US dollar has an inverse relationship with cryptocurrencies. At 103.61, the dollar index was down 0.30, or 0.29%.

The cause of cryptocurrencies has been aided by the dollar index (DXY), which fell to a two-month low and corrected by 1.9% over the last five sessions. The US inflation rate for October was lower than expected by the Street, which has contributed to the weakening. This has provided new momentum to those advocating for an interest rate pause. The Federal Reserve can decide not to raise interest rates any more as a result of the lower inflation figure.

With a notable hurdle around $38,000, bitcoin is currently trading cautiously upward at $37,100. Sustaining levels at $35,835, $35,235, and $34,522 indicate possible downward stabilisation points. Technical indicators provide a mixed but marginally optimistic picture, with the RSI at 51 suggesting a neutral attitude. There is a short-term bullish trend supported by the 50-day EMA at $36,400. A small ascending channel can be seen in the chart analysis, suggesting that the positive momentum may continue.

The expert prefers positive trends above $36,400, but caution is advised and immediate resistance is given weight for both short-term swings and possible moves in the days ahead.

BTC (+2.2%) had a sharp increase on this account, followed by a correction at $37.2k levels. With resistance at $38,000, the range of support is observed between $33,000 and $34.500.

Regarding institutional adoption, Chaturvedi noted that Fidelity is the most recent financial company to join rival BlackRock and five other firms in attempting to establish an Ethereum exchange-traded fund (ETF). He further stated that the arrival of major players in the industry like Fidelity is encouraging.

Regarding institutional adoption, Chaturvedi noted that Fidelity is the most recent financial company to join rival BlackRock and five other firms in attempting to establish an Ethereum exchange-traded fund (ETF). He further stated that the arrival of major players in the industry like Fidelity is encouraging.