Bitcoin (BTC) is testing significant resistance near $115,000, exhibiting bullish momentum as it hovers around $114,174. Market observers are closely watching the $114,755 zone, with a potential breakout above $116,000 viewed as confirmation of sustained upward strength.
Concurrently, technical indicators for altcoins suggest a potential market-wide rally. A golden cross signal has emerged on the chart tracking the total market capitalization of cryptocurrencies excluding the top 10 assets, historically seen as a sign of developing bullish sentiment for the broader altcoin market.
Key support levels for Bitcoin are seen in the $110,000-$112,000 range. A failure to hold this support could trigger a deeper correction towards $103,000, presenting a risk scenario. Conversely, successful consolidation above $116,000 likely paves the way for further gains.
On-chain volume analysis reveals increased buying interest building near $111,000, providing underlying support. Bitcoin’s Relative Strength Index (RSI) also remains in slightly bullish territory, indicating continued momentum potential.
Adding to the positive market sentiment, Dubai has approved Bitcoin options trading, providing increased accessibility and a regulatory boost for institutional and sophisticated investors in the region.