Bitcoin demonstrated renewed upward momentum, climbing 1.36% to decisively break above the significant resistance level of $114,926. This price action signals increasing buying pressure and suggests potential for further gains towards the $116,000 mark.
The successful breakout indicates buyers are strengthening their position. Ongoing market consolidation is characterized by sideways movement, primarily confined within a band between $114,000 and $117,000, accompanied by low volatility levels.
Analysis of shorter timeframes, specifically hourly charts, reveals a balanced dynamic between buyers and sellers. Adding to the consolidation signal, trading volume has shown a declining trend, reinforcing the expectation of restrained price swings in the immediate future.
demonstrating broad-based market strength, the top 10 cryptocurrencies by market capitalization were all trading in positive territory during this period.