Bitcoin is currently trading around $118,920, consolidating beneath a critical resistance zone between $120,000 and $123,000. Market analysts indicate that a decisive breakout above this barrier could propel Bitcoin toward new all-time highs.
Concurrently, altcoins demonstrate robust momentum with Ethereum and mid-cap tokens leading the charge. Technical indicators show approximately 75% of the top 100 altcoins displaying impulse signals, suggesting strength reminiscent of previous altseason market cycles.
The $123,000 resistance level for Bitcoin remains pivotal according to experts, as it could determine capital rotation between Bitcoin and alternative cryptocurrencies. Market timing is deemed crucial for altcoin investments, with current conditions mirroring historical patterns where altcoins outperformed during Bitcoin consolidation phases.
Investors are advised to closely monitor Bitcoin’s attempts to breach its resistance threshold alongside altcoin momentum metrics. Such developments could signal an imminent sector-wide market shift if Bitcoin successfully breaks through the $123,000 barrier.