Bitcoin has surpassed the $109,000 price level amidst a noticeable rise in trading volume, fueling bullish sentiment towards challenging the $118,000 resistance tier.
Currently trading around $109,569.36, Bitcoin recorded a daily gain of 1.71%. Accompanying this price increase was a significant 18.08% jump in 24-hour trading volume, reaching $54.97 billion. The elevated volume-to-market capitalization ratio of 2.53% signals heightened trading activity relative to the asset’s valuation.
Bitcoin’s market capitalization solidifies at $2.17 trillion, while its fully diluted valuation projects to approximately $2.3 trillion. Underpinning the current price stability above $109,000 is a well-established support zone identified between $108,000 and $109,000.
Market analysts point to robust momentum indicators and the surge in volume as supporting potential for a significant upward price movement. Key observers highlight $120,000 as a critical psychological target, suggesting Bitcoin could be poised for a potentially historic breakout.