Bitcoin is currently trading in a narrow band between $115,000 and $120,000, exhibiting signs of consolidation near the key $120,000 level. Market observers suggest this price action indicates potential for an imminent breakout, with bullish technical indicators pointing towards possible surges targeting new highs above $123,218 and potentially extending to $135,000.
Signaling increased speculative interest in alternative cryptocurrencies, Ether has surpassed Bitcoin in perpetual futures volume dominance. This shift in market focus highlights growing trader activity around major altcoins.
Key technical levels are being monitored across the altcoin space. Ethereum is aiming for the $4,094 resistance level, while BNB is testing crucial support near $794. XRP faces significant resistance at the $3.16 price point, limiting its upward movement.
Market direction largely hinges on Bitcoin’s next move. A decisive breakout above the $120,000 barrier could ignite significant upward momentum for the broader market. Conversely, a drop below the $115,000 support level jeopardizes the current consolidation and risks a decline towards $110,530.
Demonstrating continued institutional confidence in the asset, a major investment firm recently acquired an additional 21,021 Bitcoin. This purchase significantly bolsters the firm’s total holdings, now reported at 628,791 BTC.