Bitcoin Bulls Maintain Support Near $115,000 Amid Resistance Around $120,000, Upside Breakout Possible
Main Idea
Bitcoin faces resistance near $120,000 but maintains strong support at $115,000, while altcoins gain traction and market indicators reflect bullish sentiment across asset classes.
Key Points
1. Bitcoin's price struggles near $120,000 but finds strong buying support at $115,000, indicating resilience among buyers.
2. Altcoins like Ether (ETH), XRP, and Solana show momentum, with ETH exchange-traded products recording $2.12 billion in inflows.
3. Market indicators, including the S&P 500 rebound and the US Dollar Index's failure to sustain gains, suggest a supportive backdrop for cryptocurrencies.
4. Technical indicators for Bitcoin, such as RSI and upsloping 20-day EMA, point to a potential upward breakout if it surpasses $123,218.
5. Failure to hold above $110,530 could trigger selling pressure, risking a correction toward $100,000.
Description
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