Bitcoin Ascends Towards Resistance Level of $100,000
Friday’s Bitcoin surge saw it momentarily cross the $97,000 mark. Over the past two weeks, Bitcoin is gradually approaching the crucial $100,000 resistance level, which has proved difficult to breach. Bitcoin was trading at $96,777, a 1.5% rise at 11:49 a.m IST. Its intraday high, at $97,739, indicated great momentum.
Altcoins and Ethereum Also Gain
Rising by 1.6% to trade at $3,452 Ethereum matched the rising trend of Bitcoin. Other main altcoins also showed notable increase. XRP grew by 3.6%; Solana gained 2.7%; Cardano jumped by an amazing 11.5%; Stellar rose by 9%. These price swings helped the worldwide crypto market capitalization to rise generally 1.5% to $3.41 trillion.
Investor attitude has changed favorably according to the Fear-Greed Index. The near $97,000 trading level of Bitcoin reflects this increasing hope. Edul Patel, CEO of Mudrex, claims that while support for Bitcoin at $95,000 exists, it is now immediately opposed at $98,400. Finding the future direction of bitcoin will depend critically on this range.
BuyUcoin CEO Shivam Thakral underlined the institutional interest in Bitcoin’s recent rise. He noted the approaching major milestone of U.S. spot Bitcoin ETFs’ increasing popularity. These ETFs just have $2.2 billion left to reach $110 billion in cumulative value. With over 5.7% of Bitcoin’s total supply represented here, this statistic highlights the growing institutional investor confidence.
The trading activity on the market still revolves mostly on stablecoins. Comprising 92% of the 24-hour volume of cryptocurrencies, the total volume of stablecoins in the past 24 hours came at $108.1 billion. This trend emphasizes how dependent on stablecoins liquidity across the market is.
Bitcoin’s Dominance and Market Capitalization Get
Over 24 hours, Bitcoin’s market capitalization rose to $1.913 trillion. Rising at 56.22%, the dominance of the cryptocurrency in the market also changed. Activity in trading has been strong; the 24-hour volume of Bitcoin jumped 41.6% to $41.3 billion.
At $100,000, Bitcoin is almost at a critical level that might define its future course. Growing ETF acceptance and institutional curiosity help to inspire investor confidence. Strong performance of altcoins also adds to the general good attitude in the market. Still, the next few days will depend much on resistance levels and market conditions.
Read the full article here
