Bitcoin's price rose by 1.02 percent over the last 24 hours

Bitcoin's price rose by 1.02 percent over the last 24 hours on international exchanges and the asset was trading at $103,740

Bitcoin's price rose by 1.02 percent over the last 24 hours on international exchanges and the asset was trading at $103,740 (roughly Rs. 88.5 lakh) on Wednesday, according to CoinMarketCap.

This is the third day that the price of Bitcoin has remained steady above $103,000 (roughly Rs. 87.9 lakh). On Indian exchanges, Bitcoin rose by less than three percent to trade at $102,712 (roughly Rs. 87.6 lakh).

Analysts believe that the asset could face sharp rejection at $106,000 (roughly Rs. 90.4 lakh), highlighting the intense selling pressure at local highs.

"Going forward, market participants should brace for choppier price action, especially if Bitcoin fails to reclaim and consolidate above $105,000 (roughly Rs. 89.6 lakh), Avinash Sekhar, Co-Founder and CEO of Pi42 told Gadgets 360.

On the other hand, the price of Ether rose by 9.13 percent over the last 24 hours. According to CoinMarketCap, the asset is trading at $2,667 (roughly Rs. 2,27,000).

This is the first time in over three months that Ether has crossed the crucial $2,500 (roughly Rs. 2,13,000) threshold. On Indian exchanges, ETH reflected gains of over 11 percent to trade at $2,623 (roughly Rs. 2,23,000).

"Ethereum is showing strong signs of a trend reversal after an impressive 45 percent rally last week, reclaiming major technical levels and reigniting optimism in the broader altcoin market. ETH has strong resistance at $2,850. If it breaks and closes above this level with good volumes, then we can expect prices to rally further up to $3,000 and $3,350," ZebPay Trade Desk told Gadgets 360.

The crypto price tracker by Gadgets 360 showed the prices of most altcoins such as Ripple, Tether, Solana, Binance Coin, and Dogecoin alongside Avalanche, Shiba Inu, and Polkadot were up on Wednesday.

Similarly, the prices of Leo, Litecoin, Monero, Near Protocol, and Cronos also rose alongside Bitcoin and Ether.

"After the recent upswing, Bitcoin is withstanding the bearish pressure. As a result, the altcoins also remain above their respective resistance levels," said the CoinDCX research team.

The overall valuation of the crypto sector surged by 3.15 percent over the last 24 hours. Presently, the crypto market cap stands at $3.38 trillion, shows CoinMarketCap.

Meanwhile, the prices of a few altcoins were down on Wednesday. These include Cardano, Bitcoin Cash, EOS Coin, and Zcash.