The cryptocurrency market sees renewed optimism as Bitcoin price rebounds to $98K. Bitcoin recovered from $92K, boosting confidence in the market. Leading altcoins, including Ethereum and XRP, also reported notable gains, signalling a potential upward trend.
While slight corrections persist, This anticipates a revisit to Bitcoin’s all-time high. The broader market recovery highlights significant growth among top cryptocurrencies, driving investor optimism as the market continues to gain momentum.
Will Bitcoin Price Soar to ATH Amid Altcoin Market Growth?
Bitcoin price surged to $98,010, reflecting a 2% increase in the past 24 hours, as the global crypto market gained momentum. The market capitalization reached $3.38 trillion, marking a 1% rise, with trading volume climbing 10% to $301 billion. Bitcoin traded within a 24-hour range of $95,380 to $99,507, maintaining a market cap of $1.93 trillion and a dominance of 56%.
Major altcoins such as Ethereum, BNB, XRP, and Solana (SOL) also recorded significant gains, boosting market confidence. Meme coins, including Dogecoin and PEPE, showed signs of recovery after recent downturns, adding to the broader market’s positive trend.
Bitcoin remains 10% below its all-time high of $108,268.45, achieved on December 17, 2024. With increased trading activity and altcoin recovery driving market enthusiasm, attention centres on whether Bitcoin will soon surpass its previous record.
Analyst Highlights Trump’s Bullish Stance on BTC Growth
During a recent Nashville event, crypto analysts drew attention to former President Donald Trump’s bold statement on Bitcoin. Trump confidently declared that Bitcoin and cryptocurrencies would “skyrocket like never before,” predicting unprecedented growth in the next four years.
His remarks at the Bitcoin 2024 conference have fueled excitement among crypto enthusiasts and investors.
Is BTC Price Poised For More Gain?
Bitcoin dominance has reached a critical milestone, indicating the onset the biggest altseason. According to market experts, Bitcoin’s dominance recently experienced a breakout, followed by a pullback, and is now heading towards a potential hard dump.
The chart shows Bitcoin dominance at 58%, reflecting a strong upward trajectory over recent months. Analysts attribute this rise to increased investor confidence in Bitcoin amidst macroeconomic uncertainties. However, the pullback and resistance levels could signify a shift in momentum favouring altcoins. Market watchers believe this transition could lead to a surge in altcoin trading activity.
The latest Bitcoin “In/Out of the Money” data highlights wallet activity, showing most addresses profitable at $97,324.87. The visualization emphasizes significant buying at various price ranges, including $42,145–$57,400. These metrics underline investor confidence, with a majority holding positions well in profit.
Source: IntoTheBlock
The BTC price remains consolidated, hovering below the critical $100,000 resistance level. The Relative Strength Index (RSI) on the 4-hour timeframe stands at 42, suggesting weaker momentum.
The Moving Average Convergence Divergence (MACD) indicator, while slightly bullish, is showing reduced momentum.
Key support levels for BTC are positioned near $97,000, with stronger support around $95,000. Further declines toward $92,000 could occur if the price breaches these levels. On the upside, Bitcoin faces a formidable resistance at $100,000, followed by a psychological barrier at $108,000.
Bitcoin’s upward momentum and altcoin recovery signal strong market optimism. However, breaking key resistance levels will determine if BTC revisits its all-time high
